Market reactions to Australian boutique resource investor presentations |
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| Authors: | Andrew Ferguson Tom Scott |
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| Affiliation: | 1. Audencia Nantes School of Management, Centre for Financial and Risk Management, 8 route de la Joneliere, BP 31222, 44312 Nantes Cedex 3, France;2. School of Management, Royal Holloway, UK;1. Southern Illinois University Edwardsville, Edwardsville, IL 62025, United States;2. Borsa Istanbul, Turkey;3. The William Davidson Institute, University of Michigan Business School, Ann Arbor, MI 48109, United States;4. The Emerging Markets Group, Sir Cass Business School, London, United Kingdom;5. Institute of Financial Studies, Southwestern University of Finance and Economics, Chengdu, 610074, China |
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| 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. |
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