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The relation between corporate financing activities, analysts’ forecasts and stock returns
10 references·16 citing·33 second hop
The relation between corporate financing activities, analysts’ forecasts and stock returns (2006)The relation between corporate financing …Accrual reliability, earnings persistence and stock prices (2005)Accrual reliability, earnings…Financing decisions: who issues stock? (2004)Financing decisions: who issu…Underwriting relationships, analysts' earnings forecasts and investment recommendations (1998)Underwriting relationships, a…Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions. (1998)Earnings management and the u…Earnings management and the performance of seasoned equity offerings1I gratefully acknowledge the comments and suggestions of Philip Berger, Patricia Dechow, Kenneth Gaver (the referee), Robert Holthausen, Wayne Mikkelson (the editor), and Richard Sloan. I also thank Andrew Alford, Brad Barber, Randolph Beatty, Ilia Dichev, Paul Fisher, Gary Gorton, Paul Griffin, David Larcker, Mark Low, Patricia O'Brien, Madhav Rajan, Jay Ritter, Mark Vargus, Robert Verrecchia, Franco Wong, and workshop participants at the 1996 American Accounting Association meetings, Columbia University, Emory University, INSEAD, London Business School, MIT, New York University, Northwestern University, Purdue University, University of California at Davis, University of Chicago, University of Michigan, University of Minnesota, University of Pennsylvania, and Yale University for useful comments. I am indebted to Mark Vargus for access to his FORTRAN sub-routines. Errors and omissions are my responsibility.1 (1998)Earnings management and the p…The Operating Performance of Firms Conducting Seasoned Equity Offerings (1997)The Operating Performance of …The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations* (1995)The Effect of Investment Bank…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Taming the Factor Zoo: A Test of New Factors (2020)Taming the Factor Zoo: A Test…Replicating Anomalies (2018)Replicating AnomaliesCarbon Risk and Corporate Capital Structure (2018)Carbon Risk and Corporate Cap…Anomalies and News (2018)Anomalies and NewsShort and Long Horizon Behavioral Factors (2017)Short and Long Horizon Behavi…… and the Cross-Section of Expected Returns (2015)… and the Cross-Section of Ex…Labor Hiring, Investment, and Stock Return Predictability in the Cross Section (2014)Labor Hiring, Investment, and…Financial Reporting Quality of U.S. Private and Public Firms (2013)Financial Reporting Quality o…What Drives Sell-Side Analyst Compensation at High-Status Investment Banks? (2011)What Drives Sell-Side Analyst…How Effective Is Internal Control Reporting under SOX 404? Determinants of the (Non‐)Disclosure of Existing Material Weaknesses (2011)How Effective Is Internal Con…Is Default Risk Negatively Related to Stock Returns? (2010)Is Default Risk Negatively Re…Accounting anomalies and fundamental analysis: A review of recent research advances (2010)Accounting anomalies and fund…The Nature and Persistence of Buyback Anomalies (2008)The Nature and Persistence of…Share Issuance and Cross‐sectional Returns (2008)Share Issuance and Cross‐sect…The Book‐to‐Price Effect in Stock Returns: Accounting for Leverage (2007)The Book‐to‐Price Effect in S…Editor's Choice Digesting Anomalies: An Investment ApproachEditor's Choice Digesting Ano…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)Earnings Management During Import Relief Investigations (1991)The economic implications of corporate financial reporting (2005)Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research (2010)Managerial Ability and Earnings Quality (2012)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Capital Structure Puzzle (1984)The Capital Structure Puzzle (1984)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Detecting abnormal operating performance: The empirical power and specification of test statistics (1996)Inefficient Markets (2000)On Persistence in Mutual Fund Performance (1997)Hedging Climate Change News (2019)Dissecting green returns (2022)Investor Psychology and Security Market Under‐ and Overreactions (1998)Performance matched discretionary accrual measures (2005)Conflict of Interest and the Credibility of Underwriter Analyst Recommendations (1999)Capital markets research in accounting (2001)Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility (2011)Common Risk Factors in Cryptocurrency (2022)Dissecting climate risks: Are they reflected in stock prices? (2023)Is There a Replication Crisis in Finance? (2023)Choosing factors (2018)Empirical Asset Pricing via Machine Learning (2020)
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References

  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1998Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions.1,638 cited
  • 2005Accrual reliability, earnings persistence and stock prices1,495 cited
  • 1998Underwriting relationships, analysts' earnings forecasts and investment recommendations1,248 cited
  • 1997The Operating Performance of Firms Conducting Seasoned Equity Offerings1,098 cited
  • 2004Financing decisions: who issues stock?922 cited
  • 1998Earnings management and the performance of seasoned equity offerings1I gratefully acknowledge the comments and suggestions of Philip Berger, Patricia Dechow, Kenneth Gaver (the referee), Robert Holthausen, Wayne Mikkelson (the editor), and Richard Sloan. I also thank Andrew Alford, Brad Barber, Randolph Beatty, Ilia Dichev, Paul Fisher, Gary Gorton, Paul Griffin, David Larcker, Mark Low, Patricia O'Brien, Madhav Rajan, Jay Ritter, Mark Vargus, Robert Verrecchia, Franco Wong, and workshop participants at the 1996 American Accounting Association meetings, Columbia University, Emory University, INSEAD, London Business School, MIT, New York University, Northwestern University, Purdue University, University of California at Davis, University of Chicago, University of Michigan, University of Minnesota, University of Pennsylvania, and Yale University for useful comments. I am indebted to Mark Vargus for access to his FORTRAN sub-routines. Errors and omissions are my responsibility.1

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838 cited
  • 1995The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations*664 cited
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