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Continuous Disclosure in Australia and the United States: A Comparative Analysis

Firms in US and Australia operate in rich disclosure environment with one significant difference – in Australia firms’ continuous disclosure obligation is mandated by law. Given that overall both countries operate in rich disclosure environment, we study the market response to earnings announcements by publicly listed firms in the two countries. Our results suggest that earning announcements by US firms convey some new information to the market as evidenced by significant announcement returns. Australian firms do not experience similar reactions, a result which is consistent with the notion that under the continuous disclosure environment the markets are, on average, almost fully informed of all materially relevant information at the time of the announcement.