Ann: Response to ASX Price Query , page-2

Information Disclosed Subsequent to the Query Response

• Companies in the sample were prone to making subsequent announcements in close proximity to the Query.
• A total of 390 announcements were made on the day following a Query.
• Of the announcements made on the first day following the Query:
? 20.3% of these related to news on the company’s operations; and
? 14.1% related to an acquisition, divestment or agreement.
• Another 412 announcements were made in the two to five day period following the
Query. Of these announcements:
? 18.0% updated the market on operations; and
? 10.2% released information relating to an acquisition, divestment or
agreement.


more...
http://www.law.unimelb.edu.au/files/dmfile/ContinuousDisclosureFinal2.pdf