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|Title:||Financial analysts' forecast accuracy : Before and after the introduction of AIFRS|
|Citation:||Australasian Accounting Business and Finance Journal, 2010; 4(3):65-81|
|Publisher:||University of Wollongong School of Accounting and Finance|
|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; AIFRS; Forecast errors; Intangible assets|
|Rights:||Copyright ©2010 Australasian Accounting Business and Finance Journal and Authors.|
|Appears in Collections:||Business School publications|
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