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Financial analysts' forecast accuracy : Before and after the introduction of AIFRS

Cheong, C.; Masum, M.
Fonte: University of Wollongong School of Accounting and Finance Publicador: University of Wollongong School of Accounting and Finance
Tipo: Artigo de Revista Científica
Publicado em //2010 EN
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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.; Chee Seng Cheong and Mahmud Al Masum