dc.contributor.author |
Marsden, Alastair |
en |
dc.contributor.author |
Poskitt, Russell |
en |
dc.date.accessioned |
2011-10-31T19:27:16Z |
en |
dc.date.issued |
2009-09 |
en |
dc.identifier.citation |
Australian Accounting Review 19(3):217-230 2009 |
en |
dc.identifier.issn |
1035-6908 |
en |
dc.identifier.uri |
http://hdl.handle.net/2292/8507 |
en |
dc.description.abstract |
This study examines ‘no news’ responses to stock price queries issued by the Australian Stock Exchange (ASX). We find strong evidence that the pre-query changes in price are driven by informed traders rather than by speculators. First, there is only a partial reversion in prices following a ‘no news’ response by a company in receipt of a price query. Second, the adverse selection component of market spreads rise during the immediate pre-query period and then decline following the company response. Last, the mean level of institutional shareholder ownership increases in the period immediately prior to an ASX query of a price increase. |
en |
dc.language |
EN |
en |
dc.publisher |
CPA Australia |
en |
dc.relation.ispartofseries |
Australian Accounting Review |
en |
dc.rights |
Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. Details obtained from http://www.sherpa.ac.uk/romeo/issn/1035-6908/ |
en |
dc.rights.uri |
https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm |
en |
dc.subject |
COMPONENTS |
en |
dc.subject |
SPREAD |
en |
dc.subject |
MARKET |
en |
dc.subject |
EARNINGS |
en |
dc.subject |
TRADERS |
en |
dc.subject |
STOCKS |
en |
dc.title |
An analysis of ASX price queries |
en |
dc.type |
Journal Article |
en |
dc.identifier.doi |
10.1111/j.1835-2561.2009.00059.x |
en |
pubs.issue |
3 |
en |
pubs.begin-page |
217 |
en |
pubs.volume |
19 |
en |
dc.rights.holder |
Copyright: 2009 CPA Australia |
en |
pubs.author-url |
http://onlinelibrary.wiley.com/doi/10.1111/j.1835-2561.2009.00059.x/abstract |
en |
pubs.end-page |
230 |
en |
dc.rights.accessrights |
http://purl.org/eprint/accessRights/RestrictedAccess |
en |
pubs.subtype |
Article |
en |
pubs.elements-id |
99686 |
en |
pubs.org-id |
Business and Economics |
en |
pubs.org-id |
Accounting and Finance |
en |
dc.identifier.eissn |
1835-2561 |
en |
pubs.record-created-at-source-date |
2010-09-01 |
en |