Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts
Data(s) |
01/12/2005
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Resumo |
Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure.We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms’ objectives of reducing fundraising costs while improving investor protection, have been achieved. |
Identificador | |
Publicador |
Blackwell Publishing |
Relação |
DOI:10.1111/j.1467-629x.2004.00123.x Chapple, Larelle June, Clarkson, Peter, & Clarkson, Peter M. (2005) Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts. Accounting and Finance, 45(1), pp. 67-94. |
Fonte |
QUT Business School; School of Accountancy |
Palavras-Chave | #150100 ACCOUNTING AUDITING AND ACCOUNTABILITY #Earnings forecasts #Initial public offerings #CLERP |
Tipo |
Journal Article |