Accounting - Theses
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ItemAn investigation into the nature and quality of information utilized by the advisers in the stock-broking industry in Victoria( 1973)In our economy stockbrokers and investment advisers are in a position to exert considerable influence on the financial decisions made by investors. However, there has been little effort in Australia to discover, by direct inquiry, the nature and quality of information utilized by them. Therefore, the main thrust of this study was to discover the nature and sources of information used by investment advisers and to discover the quality of that information with particular reference to quality as perceived by investment advisers. The investigation has yielded data relating to these questions, to the competence of advisers to use the sources of information currently available and to the extent to which those sources are actually used. The discussion contains suggestions and formal recommendations directed towards those responsible for the sources of information which could lead to improvements in the quality of information available. There are also suggestions which could lead to more effective use by investment advisers of the information already available. Implementation of either or both of these groups of suggestions would result in better information in the capital market and hence lead to its more efficient operation. In order to reduce it to manageable proportions the study was restricted to the Victorian stock-broking industry. However, for several reasons it is thought that this study is strongly indicative of Australian, as well as Victorian, practice. For example, the institutional investors – the life assurance companies, etc. – tend to take a national view and , within the rules of the Australian Associated Stock Exchanges, brokers compete for business on a national basis. However, it may be that similar research in other states would prove fruitful. As far as can be established from published sources this study is unique in the sense that no section of the Australian stock-broking industry has previously been investigated in this manner. Although the Report of the Senate Select Committee on Securities and Exchange is not yet available it is understood that that investigation related to the operation of the Stock Exchanges rather than to the nature and quality of information. Overseas, several organizations and numerous independent researchers have considered the problem of information in their own capital markets. Few of these studies were directed towards the information-gathering activities of investment advisers; the majority of them examined the informational content of various statements or variables. (From Preface)