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

      Bird, Ron; Grosse, Matthew; Yeung, Danny
      DOI
       10.1177/0312896212473401
      Link
       aum.sagepub.com
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      Citation
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      Bird, R., Grosse, M. & Yeung, D. (2013). The market response to exploration, resource and reserve announcements by mining companies: Australian data. Australian Journal of Management, published online May 28, 2013.
      Permanent Research Commons link: https://hdl.handle.net/10289/7667
      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.
      Date
      2013
      Type
      Journal Article
      Publisher
      Sage
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      • Management Papers [1139]
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