haku: @author Israel, R. / yhteensä: 9
viite: 9 / 9
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| Tekijä: | Israel, R. Ofer, A. R. Siegel, D. R. |
| Otsikko: | The information content of equity-for- debt swaps: an investigation of analyst forecasts of firm cash flows |
| Lehti: | Journal of Financial Economics
1989 : DEC, VOL. 25:2, p. 349-370 |
| Asiasana: | SHARE PRICES INFORMATION CASH FLOW |
| Kieli: | eng |
| Tiivistelmä: | 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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