Are biotech firms more likely to receive queries : an examination of industry and other firm-specific factors on disclosure from an ASX enforcement perspective

Ouyang, Annabelle X. (2006). Are biotech firms more likely to receive queries : an examination of industry and other firm-specific factors on disclosure from an ASX enforcement perspective Honours Thesis, School of Business, University of Queensland.

       
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Author Ouyang, Annabelle X.
Thesis Title Are biotech firms more likely to receive queries : an examination of industry and other firm-specific factors on disclosure from an ASX enforcement perspective
School, Centre or Institute School of Business
Institution University of Queensland
Publication date 2006
Thesis type Honours Thesis
Total pages 71
Language eng
Subjects 1502 Banking, Finance and Investment
Formatted abstract Recent reports in the press highlight concerns by regulators over the disclosure practices of companies in the Healthcare and Biotechnology industry. I examine whether companies in the Healthcare and Biotechnology industry have poorer disclosure practices than companies in other industries by examining whether companies in this industry are more likely to receive a query from ASX. The effect of industry and other firm-specific factors on the likelihood of receiving a query is examined using a matched-firm design over a recent sample period (financial year 2003). Regression results show there is no evidence that biotech firms receive more price queries or queries in general (comprising price queries, appendix 4C queries and other queries), which is consistent with Hsu (2005) and inconsistent with Neagle and Tsykin (2001). There is evidence however that biotech firms receive more appendix 4C queries though this suggests that the queries received by biotech companies are related to the "going concern" problem which may not necessarily be indicative of poor disclosure practices. Loss firms and firms that are not audited by a big four audit firm are found to be more likely to receive queries, while the direction of earnings change, size of earnings change and firm size are insignificantly related to the likelihood of receiving a query.

 
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Created: Fri, 26 Nov 2010, 11:59:25 EST by Muhammad Noman Ali on behalf of The University of Queensland Library