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Open and closed analyst briefings: An intraday perspective

Journal Article


Abstract


  • This study examines the role of analyst briefings in the Australian share market, an area that has come under increased regulatory scrutiny. We identify the population of disclosed analyst briefings between 1999 and 2008, and analyse intraday ASX pricing data around the analyst briefing and contemporaneous earnings announcement events. Using abnormal trading activity as a proxy for information disclosure and a unique measure of informed trading, we make a number of interesting findings. Overall, we find that closed briefings allow earlier price discovery than open briefings and without creating any evidence of profitable informed trading. The case for additional regulation is not supported.

Publication Date


  • 2011

Published In


Citation


  • Walter, T. & Corones, Z. (2012). Open and closed analyst briefings: An intraday perspective. JASSA, 2012 (2), 26-34.

Scopus Eid


  • 2-s2.0-84872461702

Ro Metadata Url


  • http://ro.uow.edu.au/buspapers/1193

Number Of Pages


  • 8

Start Page


  • 26

End Page


  • 34

Volume


  • 2012

Issue


  • 2

Abstract


  • This study examines the role of analyst briefings in the Australian share market, an area that has come under increased regulatory scrutiny. We identify the population of disclosed analyst briefings between 1999 and 2008, and analyse intraday ASX pricing data around the analyst briefing and contemporaneous earnings announcement events. Using abnormal trading activity as a proxy for information disclosure and a unique measure of informed trading, we make a number of interesting findings. Overall, we find that closed briefings allow earlier price discovery than open briefings and without creating any evidence of profitable informed trading. The case for additional regulation is not supported.

Publication Date


  • 2011

Published In


Citation


  • Walter, T. & Corones, Z. (2012). Open and closed analyst briefings: An intraday perspective. JASSA, 2012 (2), 26-34.

Scopus Eid


  • 2-s2.0-84872461702

Ro Metadata Url


  • http://ro.uow.edu.au/buspapers/1193

Number Of Pages


  • 8

Start Page


  • 26

End Page


  • 34

Volume


  • 2012

Issue


  • 2