Does disclosure quality via investor relations affect information asymmetry?

Chang, Millicent, D'Anna, Gino, Watson, Iain and Wee, Marvin (2008) Does disclosure quality via investor relations affect information asymmetry?. Australian Journal of Management, 33 2: 375-390.

Author Chang, Millicent
D'Anna, Gino
Watson, Iain
Wee, Marvin
Title Does disclosure quality via investor relations affect information asymmetry?
Journal name Australian Journal of Management   Check publisher's open access policy
ISSN 1327-2020
0312-8962
Publication date 2008-12
Sub-type Article (original research)
Volume 33
Issue 2
Start page 375
End page 390
Total pages 16
Place of publication London, Australia
Publisher Sage Publications
Language eng
Formatted abstract
High disclosure quality can be achieved through an effective investor-relations program and results in firm benefits such as enhanced market exposure, increased analyst coverage and institutional following. We examine the association between disclosure quality and information asymmetry where a checklist was used to evaluate a firm's Internet-based investor-relations practices. Firms with higher disclosure quality through their investor-relations activities have higher analyst following, more institutional shareholders, more active trading, and are larger in terms of market capitalisation. Bid-ask spread decreased with increased disclosure quality, although the effect of investor relations was weaker in the presence of other factors. © The University of New South Wales.
Keyword Disclosure
Information asymmetry
Investor relations
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Non-UQ

Document type: Journal Article
Sub-type: Article (original research)
Collection: UQ Business School Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 11 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 18 times in Scopus Article | Citations
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Created: Thu, 06 Oct 2011, 12:36:38 EST by Karen Morgan on behalf of UQ Business School