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jarrad harford

Working paper

Measuring the effectiveness of Australia's statutory-backed continuous policy on 'innovative' investment disclosures


We examine the impact of the introduction in 1994 (and subsequent amendments) of the statutory-backed continuous disclosure policy (SBCDP) in Australia. Our analysis measures impact by focusing on the investment disclosure propensity, and investment announcement abnormal returns of more innovative investments, defined as disclosures of R&D and IT expenditures.

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