Equity issues and changes in expectations of earnings by financial analysts |
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| Authors: | Jain PC |
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| Institution: | AB Freeman School of Business, Tulane University, New Orleans, LA 70118-5669, USA |
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| Abstract: | Evidence is provided on an implication of models by Myers andMajluf (1984) and Miller and Rock (1985), which predict thatequity issues convey information about firms' future earnings.Consistent with the prediction, the results show that earningsforecast revisions by financial analysts subsequent to the announcementof equity issues are significantly related to announcement periodabnormal returns. |
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