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| Author: | Bradshaw. M.T. Richardson, S.A. Sloan, R.G. |
| Title: | The relation between corporate financing activities, analysts' forecasts and stock returns |
| Journal: | Journal of Accounting & Economics
2006 : OCT, VOL. 42:1-2, p. 53-85 |
| Index terms: | capital markets efficiency financing models statistical methods |
| Language: | eng |
| Abstract: | In this study, a comprehensive measure (here as: msr.) of corporate financing activities (as: c-f-acts.) is developed. A negative relation btw. this msr. and both future stock returns and future profitability is documented. The economic and statistical significance of these results is stronger than in previous research focusing on individual categories of c-f-acts. To discriminate btw. risk vs. misvaluation as explanations for this relation, the association btw. this paper's msr. of external financing (here as: e-f-g.) and sell-side analysts' forecasts is analyzed. Consistent with the misvaluation explanation, this msr. of e-f-g. is positively related to over-optimism in analysts' forecasts. |
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