Financial analysts' forecast accuracy : Before and after the introduction of AIFRS
Date
2010
Authors
Cheong, C.
Masum, M.
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Journal article
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Australasian Accounting Business and Finance Journal, 2010; 4(3):65-81
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Chee Seng Cheong and Mahmud Al Masum
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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.
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Copyright ©2010 Australasian Accounting Business and Finance Journal and Authors.