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|Title:||Financial analysts' forecast accuracy before and after AIFRS|
|Citation:||Proceedings of AFAANZ, 2009: pp.1-27|
|Conference Name:||AFAANZ Conference (2009 : Adelaide, Australia)|
|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; AIFRS; Information Asymmetry|
|Rights:||Copyright ©2002-2008 Zakon Group LLC|
|Appears in Collections:||Business School publications|
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