The relation between corporate financing activities, analysts' forecasts and stock returns

被引：268

作者：

Bradshaw, Mark T.

Richardson, Scott A.

Sloan, Richard G. ^{[1
]}

机构：

[1] Univ Michigan, Ross Sch Business, Ann Arbor, MI 48109 USA

[2] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

[3] Harvard Univ, Sch Business, Boston, MA 02163 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2006年 / 42卷 / 1-2期

关键词：

external financing; sell-side analysts; capital markets; market efficiency;

D O I：

10.1016/j.jacceco.2006.03.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a comprehensive and parsimonious measure of corporate financing activities and document a negative relation between this measure and both future stock returns and future profitability. The economic and statistical significance of our results is stronger than in previous research focusing on individual categories of corporate financing activities. To discriminate between risk versus misvaluation as explanations for this relation, we analyze the association between our measure of external financing and sell-side analysts' forecasts. Consistent with the misvaluation explanation, our measure of external financing is positively related to overoptimism in analysts' forecasts. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：53 / 85

页数：33

共 36 条

[1] Biased forecasts or biased earnings? - The role of reported earnings in explaining apparent bias and over/underreaction in analysts' earnings forecasts [J].