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Type: Journal article
Title: Financial analysts' forecast accuracy : Before and after the introduction of AIFRS
Author: Cheong, C.
Masum, M.
Citation: Australasian Accounting Business and Finance Journal, 2010; 4(3):65-81
Publisher: University of Wollongong School of Accounting and Finance
Publisher Place: online
Issue Date: 2010
ISSN: 1834-2000
Conference Name: AFAANZ Conference (2009 : Adelaide, Australia)
Statement of
Chee Seng Cheong and Mahmud Al Masum
Abstract: We examine whether financial analysts’ forecast accuracy differs between the pre- and post- adoption of Australian Equivalents to the International Financial Reporting Standards (AIFRS). We find that forecast accuracy has improved after Australia adopted AIFRS. As a secondary objective, this paper also investigates the role of financial analysts in reducing information asymmetry in today’s Australian capital market. We find weak evidence that more analysts following a stock do not help to improve forecast accuracy by bringing more firm-specific information to the market.
Keywords: Analysts’ forecasts
Forecast errors
Intangible assets
Rights: Copyright ©2010 Australasian Accounting Business and Finance Journal and Authors.
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Appears in Collections:Aurora harvest
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