The impact of disclosure regulation on analyst forecasts : a comparison of Australia and the U.S.

Lindsay, Steven. (2002). The impact of disclosure regulation on analyst forecasts : a comparison of Australia and the U.S. Honours Thesis, School of Business, The University of Queensland.

       
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Author Lindsay, Steven.
Thesis Title The impact of disclosure regulation on analyst forecasts : a comparison of Australia and the U.S.
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 2002
Thesis type Honours Thesis
Total pages 100
Language eng
Subjects 14 Economics
Formatted abstract This study examines the Australian Continuous Disclosure Regime (CDR) over a long sample period, and compares it with u.s. quarterly reporting. The impact of disclosure regulation is measured in reference to market analysts - a critical group to the functioning of modern capital markets. The results suggest that analyst forecast error and dispersion reduced in response to the introduction of the CDR in 1994. When the regime is more strictly enforced, analyst error and dispersion increases suggesting a reduction in analysts' private information sources that offsets any increase in public firm disclosure. Additionally, the results suggest that U.S. quarterly reporting provides more relevant information to analysts than the CDR in all periods. The results should interest both regulators in the U.S., where a requirement to continuously disclose is currently being considered, and Australia, where the CDR has long been considered superior to quarterly reporting.

 
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Created: Mon, 29 Nov 2010, 13:30:34 EST by Ning Jing on behalf of The University of Queensland Library