Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

Chapple, Larelle J., Clarkson, Peter M. and Peters, Christopher J. (2005) Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts. Accounting and Finance, 45 1: 67-94. doi:10.1111/j.1467-629x.2004.00123.x

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Author Chapple, Larelle J.
Clarkson, Peter M.
Peters, Christopher J.
Title Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts
Formatted title
Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts
Journal name Accounting and Finance   Check publisher's open access policy
ISSN 0810-5391
Publication date 2005-12
Sub-type Article (original research)
DOI 10.1111/j.1467-629x.2004.00123.x
Open Access Status Not Open Access
Volume 45
Issue 1
Start page 67
End page 94
Total pages 28
Editor R. W. Faff
Place of publication Melbourne
Publisher Blackwell Publishing
Collection year 2005
Language eng
Subject C1
350101 Financial Accounting
350399 Banking, Finance and Investment not elsewhere classified
729999 Economic issues not elsewhere classified
Abstract Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure. We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms' objectives of reducing fundraising costs while improving investor protection, have been achieved.
Keyword Earnings forecasts
CLERP
Initial public offerings
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
2006 Higher Education Research Data Collection
UQ Business School Publications
 
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Created: Wed, 15 Aug 2007, 03:48:50 EST