The impact of global financial crisis on market information under the Australian continuous disclosure regime

Xiaowen Peng (2011). The impact of global financial crisis on market information under the Australian continuous disclosure regime Honours Thesis, UQ Business School, The University of Queensland.

       
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Author Xiaowen Peng
Thesis Title The impact of global financial crisis on market information under the Australian continuous disclosure regime
School, Centre or Institute UQ Business School
Institution The University of Queensland
Publication date 2011-10-27
Thesis type Honours Thesis
Supervisor Dr Grace Hsu
Professor Peter Clarkson
Total pages 87
Language eng
Subjects 1501 Accounting, Auditing and Accountability
Abstract/Summary This thesis examines whether the information environment as reflected by analysts’ forecast properties has been affected by the Global Financial Crisis under Australia’s statutory continuous disclosure regime. During times of uncertainties, quality and timely managerial disclosure becomes even more important than usual because information asymmetry is greater. As a result, the role of the continuous disclosure requirements also becomes crucial. Using not only the conventional measures of analysts’ forecast error and dispersion, but also the measures of information precision from the Barron, Kim, Lim and Stevens (1998) model, the results suggest that although analyst forecast properties deteriorated from 2007 to 2009, it is mainly driven by the inferior quality of analysts’ private information. Corporate disclosure remained steady during the crisis period. Further analysis of subsamples suggest that there is no evidence of deteriorated quality of public disclosure in financially distressed firms, and no particular industry appears poorer disclosure practices than other industries.

 
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Created: Thu, 28 Jun 2012, 15:09:18 EST by Karen Morgan on behalf of UQ Business School