QUT ePrints

Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

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.

View at publisher

Abstract

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.

Impact and interest:

6 citations in Scopus
Search Google Scholar™

Citation counts are sourced monthly from Scopus and Web of Science® citation databases.

These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.

Citations counts from the Google Scholar™ indexing service can be viewed at the linked Google Scholar™ search.

ID Code: 49319
Item Type: Journal Article
Keywords: Earnings forecasts, Initial public offerings, CLERP
DOI: 10.1111/j.1467-629x.2004.00123.x
ISSN: 0810-5391
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Deposited On: 23 Mar 2012 05:00
Last Modified: 06 Jun 2012 02:50

Export: EndNote | Dublin Core | BibTeX

Repository Staff Only: item control page