Essays on the informativeness of earnings

Tong, Alex Kar Fai

Essays on the informativeness of earnings

Tong, Alex Kar Fai

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Publication Type:: Thesis
Issue Date:: 2019

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Field	Value	Language
dc.contributor.author	Tong, Alex Kar Fai
dc.date.accessioned	2019-09-23T23:13:57Z
dc.date.available	2019-09-23T23:13:57Z
dc.date.issued	2019
dc.identifier.uri	http://hdl.handle.net/10453/136119
dc.description	University of Technology Sydney. Faculty of Business.	en_AU
dc.description.abstract	This dissertation consists of three stand-alone but related essays in the broad area of earnings information and capital markets. The first paper examines the speed with which earnings information (as proxied by analysts’ earnings forecast updates) finds its way into the market place. Rather than examining the efficiency of the stock market per se, this essay effectively provides novel evidence on the extent to which the market for Australian firms’ earnings-related information is efficient. The second essay considers the extent to which statutory financial reporting provides timely information for Australian firms. This essay uses a method which has the important advantage of avoiding the need to specify ex-ante earnings expectations and is therefore focussed around how much periodic stock price variability is attributable to the specific windows (i.e., periods) around which earnings are released. The third and final essay applies this same methodology to considering whether the frequency of statutory reporting (i.e., semi-annual versus quarterly) is systematically associated with the informativeness of these disclosures and uses data from member countries of the G20.	en_AU
dc.format	Thesis (PhD)
dc.language.iso	en_AU	en_AU
dc.relation	https://opus.lib.uts.edu.au/bitstream/10453/136119/2/02whole.pdf
dc.rights	au.edu.uts.lib/ppc
dc.rights	The author owns the copyright in this thesis including all reproduction and reuse rights for the work. The work may not be altered without the permission of the copyright owner. Attribution is essential when quoting or paraphrasing from this thesis.
dc.rights	info:eu-repo/semantics/openAccess
dc.title	Essays on the informativeness of earnings	en_AU
dc.type	Thesis	en_AU
utslib.copyright.status	open_access

Abstract:

This dissertation consists of three stand-alone but related essays in the broad area of earnings information and capital markets. The first paper examines the speed with which earnings information (as proxied by analysts’ earnings forecast updates) finds its way into the market place. Rather than examining the efficiency of the stock market per se, this essay effectively provides novel evidence on the extent to which the market for Australian firms’ earnings-related information is efficient. The second essay considers the extent to which statutory financial reporting provides timely information for Australian firms. This essay uses a method which has the important advantage of avoiding the need to specify ex-ante earnings expectations and is therefore focussed around how much periodic stock price variability is attributable to the specific windows (i.e., periods) around which earnings are released. The third and final essay applies this same methodology to considering whether the frequency of statutory reporting (i.e., semi-annual versus quarterly) is systematically associated with the informativeness of these disclosures and uses data from member countries of the G20.

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