Critics of short-selling argue that short-sellers amplify price declines by targeting firms with falling prices in an unwarranted manner. Contrary to this viewpoint, we find that increases in short-interest for firms following a price decline are associated with measures of overpricing based on...

This study contributes to the body of research that examines the valuation of initial public offers (IPOs). The aim of this study is to assess the relative predictive ability of residual income valuation against the popular alternative of comparable firm valuation for predicting the offer prices...

This paper examines the intra-day returns to initial public offerings on the first day of trade from an information arrival perspective. We examine underpricing as reflected in the first and subsequent trades on the first day of listing. We find that underpricing is primarily reflected in the...

Macroeconomic analysts have been found to not take full account of aggregate accounting earnings when forecasting future growth in U.S. gross domestic product (GDP). Using Australian data, we confirm this finding and find that the association between aggregate earnings and GDP growth is robust...

Assurance services include independent professional services that improve the quality of information. Once such service is the collection of confidential information from participating firms on behalf of an industry association and the release of summarized information to investors. An example...

This study draws on the investor protection literature to examine differences in a country's information environment that are likely to explain cross country variation in the extent to which macroeconomic forecasters take account of current earnings when forecasting future growth in GDP. Using a...

This study examines the relationship between the extent of initial public offering (IPO) underpricing and market sentiment surrounding technology issues listing on the Australian Stock Exchange (ASX) during 1999 and 2000. We consider quot;hypequot; surrounding these issues as reflected in the...