Information content of equity analyst reports
نویسندگان
چکیده
منابع مشابه
THE INFORMATION CONTENT OF EQUITY-FOR-DEBT SWAPS An Investigation of Analyst Forecasts of Firm Cash Flows*
We demonstrate that analysts revise their forecasts of net operating income downward following the announcement of an equity-for-debt swap. Their revisions are positively correlated with the size of the stock-price reaction to the swap announcement. This evidence supports the hypothesis that announcements of equity-for-debt swaps convey information about the expected level of cash flows of the ...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2005
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2004.01.002