The Impact of Voluntary Disclosures on Sell-Side Analyst Stock Recommendations: Australian Experience

This paper investigates the impact of voluntary disclosures on sell-side analyst stock recommendations. It uses content analysis method to measure quality of information disclosures and emphasis on particular themes. The focus of this study is on changes in analyst recommendations and the new information disclosures that have been made public since the previous revision of recommendation. The proxies for voluntary disclosures are information released by firms via company announcements and associated media reports. The characteristics of these disclosures are examined to explore their impact on the changes in analystsÌ stock recommendations. Based on a sample of over 200 recommendation revisions of 40 listed Australian companies, the results suggest that voluntary disclosures do contribute to analyst stock revisions. The findings reveal that the quantity of disclosures is positively associated with the number of recommendation revisions, and that disclosures with favourable signals or with price-sensitive contents are significantly related to the direction and type of analyst revisions. In addition, disclosure of specific themes (e.g., dividend and product) in company announcements and news are significantly associated with the recommendation change. This has implications for both the formulation of accounting policies and the regulation of financial disclosure. Acknowledgements: The authors acknowledge the support of Thomson Financial in the conduct of this research through their provision of data from the Institutional Brokers Estimate System (I/B/E/S) service. This data has been provided as part of a broad academic program to encourage earnings expectation research. The authors acknowledge the helpful comments from participants at the BAA Annual Conference (2004), University of York.Thai takeovers, bidding firms, control portfolios, bootstrapped t-tests

Consanguinidade, endogamia e ilegitimidade na Freguesia de São Roque do Pico (Açores).

VI Expedição Científica do Departamento de Biologia - Pico 1991.0s objectivos que estiveram na base do trabalho de campo desenvolvido ao longo desta Expedição relacionaram-se com a recolha de dados acerca dos vários aspectos biodemográficos da ilha do Pico. Uma vez que os registos no Pico não se encontravam devidamente preservados ou organizados, alargou-se a pesquisa à ilha do Faial, onde o material encontrado no Arquivo Municipal da Horta foi posto à disposição pelo Director da Biblioteca Pública. Em resumo, os dados recolhidos incluem extractos de: 1- Registos de casamentos ocorridos na freguesia de São Roque (1876-1911); 2- Registos de baptismos da freguesia de Santa Luzia (1880-1885); 3- Registos de baptismos da freguesia de São Roque (1880-1890); 4- Registos constantes do "Livro de entrada de Expostos" (1779-1828)

Puccinellia : outstanding saltland grass

Puccinellia is a tussocky perennial grass with an outstanding ability to survive salty and waterlogged conditions. Considerable areas of saltland in Western Australia are suited to its growth. Seed is now available commercially and in this article the conditions to which the grass is suited are described and establishment and management methods are suggested

Bringing wheatbelt salt land back into production

INVESTIGATIONS carried out over many years on salt-affected land in the wheat- •*• belt of Western Australia have shown that it is often possible to return salt land to productivity. This article suggests how this may be done

Growing plants with salty water

LACK of good quality water in many parts of Western Australia often forces people to use salty water for irrigation and gardening. This article gives some hints on how to reduce salt damage to plants when salty water must be used for irrigation or gardening. It includes a table of plants which may be irrigated with water of varying degrees of salinity and lists precautions which should be taken for each group

Child abandonment and illegitimacy in the Island of São Jorge (Azores-Portugal).

VII Expedição Científica do Departamento de Biologia - São Jorge e Topo - 1992.During the 1992 Scientific Expedition to São Jorge, parish registers were consulted referring to some villages of the district of Velas, according to the following described: Baptisms (1875-1900)- Variables include date of birth, place of birth, legitimacy/illegitimacy (Velas; Santo Amaro). Marriages (1876-l900)- Variables include place of birth of the couple, residency, age, marital status, occupation and consanguinity (Urzelina-146; Velas-279; Santo Amaro-148; Norte Grande-290; Manadas-136). Deaths (1876-1900)- Variables include date of burial, sex, age, marital status and legitimacy (Santo Amaro; Velas). For purposes of this report, only data referring to the baptisms were dealt with, giving particular emphasize to the variable of illegitimacy

The parallel projection operators of a nonlinear feedback system

The authors define and study a pair of nonlinear parallel projection operators associated with a nonlinear feedback system. The input-output L_2-stability of a feedback system is shown to be equivalent to a coordinating of the input and output spaces, which is also equivalent to the existence of a pair of nonlinear parallel projection operators onto the graph of the plant and the inverse graph of the controller. These projections have equal norms whenever one of the feedback elements is linear. A bound on this norm is given in the case of passive systems with unity negative feedback