Disclosure regulation and information risk

Russell Poskitt

doi:10.1111/j.1467-629X.2005.00147.x

Disclosure regulation and information risk

Russell Poskitt

Research output: Contribution to journal › Article › peer-review

11 Citations (Scopus)

Abstract

The present paper examines the impact of the Corporations Law Reform Act 1994 on information-based trading in Australian Stock Exchange-listed stocks. Results show that information-based trading is higher in the post-reform period, particularly for lower capitalization stocks. Further analysis shows that this is caused by a fall in turnover and rise in the number of slow trading days. After controlling for these factors, the reform is found to have no impact on information-based trading. Interestingly, the volume of price-sensitive disclosures is found to have no impact on either the level of information-based trading or market spreads. © AFAANZ, 2005.

Original language	English
Pages (from-to)	457-477
Number of pages	21
Journal	Accounting and Finance
Volume	45
Issue number	3
DOIs	https://doi.org/10.1111/j.1467-629X.2005.00147.x
Publication status	Published - 2005

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10.1111/j.1467-629X.2005.00147.x

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title = "Disclosure regulation and information risk",

abstract = "The present paper examines the impact of the Corporations Law Reform Act 1994 on information-based trading in Australian Stock Exchange-listed stocks. Results show that information-based trading is higher in the post-reform period, particularly for lower capitalization stocks. Further analysis shows that this is caused by a fall in turnover and rise in the number of slow trading days. After controlling for these factors, the reform is found to have no impact on information-based trading. Interestingly, the volume of price-sensitive disclosures is found to have no impact on either the level of information-based trading or market spreads. {\textcopyright} AFAANZ, 2005.",

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DO - 10.1111/j.1467-629X.2005.00147.x

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Disclosure regulation and information risk

Abstract

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