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Type: Conference paper
Title: Financial analysts' forecast accuracy before and after AIFRS
Author: Cheong, C.
Masum, M.
Zurbrugg, R.
Citation: Proceedings of AFAANZ, 2009: pp.1-27
Publisher: AFAANZ
Publisher Place: online
Issue Date: 2009
ISSN: 1834-2000
Conference Name: AFAANZ Conference (2009 : Adelaide, Australia)
Statement of
Chee Seng Cheong, Mahmud Masum and Ralf Zurbruegg
Abstract: We examine whether financial analysts‟ forecast accuracy differs between the pre- and post- adoption of Australian Equivalents to International Financial Reporting Standards (AIFRS). We find that forecast accuracy has improved after Australia adopted AIFRS implying that it has aided analysts in their market valuation of firms. As a secondary objective, this paper also investigates the role of financial analysts in reducing information asymmetry in the Australian capital market. We find evidence that the information effect of more analysts following a stock helps to improve forecast accuracy by bringing more firm-specific information to the market.
Keywords: Analysts’ Forecasts
Information Asymmetry
Rights: Copyright ©2002-2008 Zakon Group LLC
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