Market reactions to Australian boutique resource investor presentations

Ferguson, A; Scott, T

Market reactions to Australian boutique resource investor presentations

Ferguson, A

Scott, T

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Publication Type:: Journal Article
Citation:: Resources Policy, 2011, 36 (4), pp. 330 - 338
Issue Date:: 2011-12-01

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Field	Value	Language
dc.contributor.author	Ferguson, A https://orcid.org/0000-0003-0535-0643	en_US
dc.contributor.author	Scott, T	en_US
dc.date.issued	2011-12-01	en_US
dc.identifier.citation	Resources Policy, 2011, 36 (4), pp. 330 - 338	en_US
dc.identifier.issn	0301-4207	en_US
dc.identifier.uri	http://hdl.handle.net/10453/18905
dc.description.abstract	This paper examines the market reactions to 817 investor presentations by 326 Australian resource firms and finds evidence suggesting these events are informative. Furthermore, the positive returns do not reverse over the following 15 days, which contrasts with previous investor presentation research. However, consistent with the prior literature, extended long run cumulative abnormal returns are not significantly different from zero. This paper also documents stronger reactions to first time presenting firms, presentations that are announced to the market and firms exhibiting at the Africa Downunder and Excellence in Oil & Gas conferences. There are also stronger reactions for firms with lower ownership concentration. Examining boutique resource firm investor presentations adds to the existing disclosure and dissemination literature due to the presence of relatively high information asymmetry in the extractive industries, a unique setting, which contrasts with previous studies. © 2011 Elsevier Ltd.	en_US
dc.relation.ispartof	Resources Policy	en_US
dc.relation.isbasedon	10.1016/j.resourpol.2011.07.004	en_US
dc.subject.classification	Environmental Sciences	en_US
dc.title	Market reactions to Australian boutique resource investor presentations	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	36	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	0914 Resources Engineering and Extractive Metallurgy	en_US
utslib.for	1605 Policy and Administration	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	open_access
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	36	en_US

Abstract:

This paper examines the market reactions to 817 investor presentations by 326 Australian resource firms and finds evidence suggesting these events are informative. Furthermore, the positive returns do not reverse over the following 15 days, which contrasts with previous investor presentation research. However, consistent with the prior literature, extended long run cumulative abnormal returns are not significantly different from zero. This paper also documents stronger reactions to first time presenting firms, presentations that are announced to the market and firms exhibiting at the Africa Downunder and Excellence in Oil & Gas conferences. There are also stronger reactions for firms with lower ownership concentration. Examining boutique resource firm investor presentations adds to the existing disclosure and dissemination literature due to the presence of relatively high information asymmetry in the extractive industries, a unique setting, which contrasts with previous studies. © 2011 Elsevier Ltd.

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http://hdl.handle.net/10453/18905