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Rev Fin 1992; 5:669-683
© 1992 the Society for Financial Studies

Article

Equity issues and changes in expectations of earnings by financial analysts

PC Jain
AB Freeman School of Business, Tulane University, New Orleans, LA 70118-5669, USA

Abstract

Evidence is provided on an implication of models by Myers and Majluf (1984) and Miller and Rock (1985), which predict that equity issues convey information about firms' future earnings. Consistent with the prediction, the results show that earnings forecast revisions by financial analysts subsequent to the announcement of equity issues are significantly related to announcement period abnormal returns.


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 REV FINANC STUDHome page
S. B. Moeller, F. P. Schlingemann, and R. M. Stulz
How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns?
Rev. Financ. Stud., November 1, 2007; 20(6): 2047 - 2078.
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