search query: @author Ofer, A. R. / total: 10
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| Author: | Israel, R. Ofer, A. R. Siegel, D. R. |
| Title: | The information content of equity-for- debt swaps: an investigation of analyst forecasts of firm cash flows |
| Journal: | Journal of Financial Economics
1989 : DEC, VOL. 25:2, p. 349-370 |
| Index terms: | SHARE PRICES INFORMATION CASH FLOW |
| Language: | eng |
| Abstract: | It is demonstrated that analysts revise their forecasts of net operating income 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 firm. Evidence is also provided that this information is about transitory changes in the expected cash-flows. |
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