The market response to exploration, resource and reserve announcements by mining companies: Australian data

This is the first paper to study the market response to “Joint Ore Reserve Committee” –compliant announcements made by Australian mining firms. Results from an event study based on matched firms suggest that these announcements are highly value relevant, with the market reacting in a significantly p...

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Published inAustralian journal of management Vol. 38; no. 2; pp. 311 - 331
Main Authors Bird, Ron, Grosse, Matthew, Yeung, Danny
Format Journal Article
LanguageEnglish
Published London, England SAGE Publications 01.08.2013
Sage Publications Ltd
Subjects
Abnormal returns
Australian Securities Exchange
Event study
Financial statements
Insider trading
Market reaction
Mining
Mining industry
Resource exploration
Securities
Studies
Australia
mining firms
market reaction
event study
resource industry
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Abstract This is the first paper to study the market response to “Joint Ore Reserve Committee” –compliant announcements made by Australian mining firms. Results from an event study based on matched firms suggest that these announcements are highly value relevant, with the market reacting in a significantly positive way to both exploration and resource announcements. Larger abnormal returns are found to accrue to smaller firms, to firms that use positive adjectives in their announcement headlines and to firms whose announcements imply larger percentage increases in resource levels. We also find evidence of markets anticipating both exploration and resource announcements a few days before they are released, which may be suggestive of some insider trading.
AbstractList This is the first paper to study the market response to “Joint Ore Reserve Committee” –compliant announcements made by Australian mining firms. Results from an event study based on matched firms suggest that these announcements are highly value relevant, with the market reacting in a significantly positive way to both exploration and resource announcements. Larger abnormal returns are found to accrue to smaller firms, to firms that use positive adjectives in their announcement headlines and to firms whose announcements imply larger percentage increases in resource levels. We also find evidence of markets anticipating both exploration and resource announcements a few days before they are released, which may be suggestive of some insider trading.
This is the first paper to study the market response to "Joint Ore Reserve Committee" -- compliant announcements made by Australian mining firms. Results from an event study based on matched firms suggest that these announcements are highly value relevant, with the market reacting in a significantly positive way to both exploration and resource announcements. Larger abnormal returns are found to accrue to smaller firms, to firms that use positive adjectives in their announcement headlines and to firms whose announcements imply larger percentage increases in resource levels. We also find evidence of markets anticipating both exploration and resource announcements a few days before they are released, which may be suggestive of some insider trading. [PUBLICATION ABSTRACT]
Author Danny Yeung
Matthew Grosse
Ron Bird
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  organization: Paul Woolley Centre for Capital Market Dysfunctionality, Finance Discipline Group, University of Technology Sydney, Australia
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Snippet This is the first paper to study the market response to “Joint Ore Reserve Committee” –compliant announcements made by Australian mining firms. Results from an...
This is the first paper to study the market response to "Joint Ore Reserve Committee" -- compliant announcements made by Australian mining firms. Results from...
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StartPage 311
SubjectTerms Abnormal returns
Australian Securities Exchange
Event study
Financial statements
Insider trading
Market reaction
Mining
Mining industry
Resource exploration
Securities
Studies
Title The market response to exploration, resource and reserve announcements by mining companies: Australian data
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