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Open and closed analyst briefings: An intraday perspective

JASSA
Issue 2 (2012)

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.

To cite this article: Walter, Terry and Corones, Zachary. Open and closed analyst briefings: An intraday perspective [online]. JASSA, No. 2, 2012: 26-34. Availability: <http://search.informit.com.au/documentSummary;dn=600716602598120;res=IELBUS> ISSN: 0313-5934. [cited 03 May 16].

Personal Author: Walter, Terry; Corones, Zachary; Source: JASSA, No. 2, 2012: 26-34 Document Type: Journal Article ISSN: 0313-5934 Subject: Investment analysis; Investment advisors; Insider trading in securities--Law and legislation; Disclosure of information; Stock exchanges; Peer Reviewed: Yes Affiliation: (1) Professor of Finance, Finance Discipline Group, UTS Business School, University of Technology, and Chief Research Officer, Sirca Limited, email: terry.walter@uts.edu.au
(2) Research Associate, Finance Discipline Group, UTS Business School, University of Technology, Sydney

Database: Business Collection