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首页> 外文期刊>Journal of Financial Regulation and Compliance >Patterns of disclosure and volatility effects in speculative industries: The case of small and mid-cap metals and mining entities on the Australian securities exchange
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Patterns of disclosure and volatility effects in speculative industries: The case of small and mid-cap metals and mining entities on the Australian securities exchange

机译：投机行业的披露和波动影响模式：以澳大利亚证券交易所中小型中型金属和矿业实体为例

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Purpose – There is conjecture that small and mid-cap companies in highly speculative industries use frequent and repetitive disclosure to promote price volatility and heighten market interest. Excessive disclosure could indicate instances of self-promotion or poor disclosure practices, and these habits could mislead investors. The purpose of this paper is to quantitatively investigate the impact of firm disclosure on price volatility in the Australian stock market. Design/methodology/approach – This paper considers the effect of information disclosure on the daily stock price volatility of 340 Metals & Mining industry entities listed on the Australian Securities Exchange over the period 2005-2007 using regression analysis. Findings – The results indicate the number of disclosures, the number of price and non-price sensitive disclosures and the number of disclosures by category has a significant influence on daily price volatility. Moreover, the volatility impact of disclosure is greater for small and mid-sized firms than large firms. Research limitations/implications – Price volatility is calculated using daily data; intra-day stock prices could provide measures that are more accurate. There is also no attempt to allow for asymmetry in disclosure; categorizing news as “good” or “bad” would allow better insights. Practical implications – There is support for the conjecture that disclosure could serve as a self-promotion tool through fabricated and repetitive announcements. Inadvertent poor disclosure practice could also result in excessive price volatility. Disclosure practice requires ongoing consideration by regulatory bodies. Originality/value – This analysis complements basic work by the Australian regulator to establish a quantitative link between disclosure practice and price volatility.
机译：目的–可以推测，在高度投机行业中的中小型公司会频繁地重复披露信息，以促进价格波动并提高市场兴趣。过多的披露可能表明存在自我推销或不良披露行为的情况，这些习惯可能会误导投资者。本文的目的是定量研究公司披露对澳大利亚股票市场价格波动的影响。设计/方法/方法–本文通过回归分析，考虑了信息披露对2005-2007年在澳大利亚证券交易所上市的340家金属和矿业行业实体的每日股价波动的影响。调查结果–结果表明披露数量，价格和非价格敏感披露数量以及按类别披露的数量对每日价格波动具有重大影响。此外，中小型企业披露信息的波动性影响要大于大型企业。研究的局限性/意义–价格波动率是使用每日数据计算的；日内股票价格可以提供更准确的指标。也没有试图允许公开中的不对称。将新闻分类为“好”或“坏”将提供更好的见解。实际意义–支持这样的推测，即披露可以通过虚假和重复的公告充当自我推广工具。疏忽大意的信息披露做法也可能导致价格过度波动。披露实践需要监管机构的持续考虑。独创性/价值–此分析是对澳大利亚监管机构在建立披露惯例与价格波动之间建立定量联系的基础工作的补充。

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