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Underperformance in long-run stock returns following seasoned equity offerings
Abstract We document that firms making seasoned equity offerings during 1975–1989 substantially underperformed a sample of matched firms from the same industry and of similar size that did not issueExpand
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The Long-run Performance of Stock Returns Following Debt Offerings
We document substantial long-run post-issue underperformance by "rms making straight and convertible debt o!erings from 1975 to 1989. This long-run underperformance is more severe for smaller,Expand
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Nonnormalities and Tests of Asset Pricing Theories
The robustness of the multivariate tests of Michael R. Gibbons, Stephen A. Ross, and Jay Shanken (1986) to nonnormalities in the residual covariance matrix is examined. After considering the relativeExpand
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The impact of hedging on the market value of equity
Abstract We examine the annual stock performance of firms that disclose the use of derivatives to hedge over the period 1995 to 1999. We find that only 21.6% of publicly traded U.S. corporations inExpand
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Earnings Predictability, Information Asymmetry, and Market Liquidity
We investigate the relation between earnings predictability, information asymmetry and the behavior of the adverse selection cost component of the bid-ask spread around quarterly earningsExpand
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Trading Mechanisms and the Components of the Bid‐Ask Spread
The authors compare the relative magnitudes of the components of the bid-ask spread for New York Stock Exchange (NYSE)/American Stock Exchange (AMEX) stocks to those of National Association ofExpand
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The Impact of Activity‐Based Costing Techniques on Firm Performance
Given the debate in both the professional and scholarly literature on the effectiveness of management accounting systems in the contemporary business environment, there is a need to understand moreExpand
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The relation between the Value Line enigma and post-earnings-announcement drift
Abstract We investigate the relation between the Value Line enigma and post-earnings-announcement drift. The ability of Value Line's ‘timeliness’ ranks to predict future abnormal returns isExpand
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The Information Content Of Calls Of Debt: Evidence From Long‐Run Stock Returns
We examine the long-run performance of the common stock of firms following calls of both straight and convertible debt from 1945 to 1995. Using a sample of 718 calls of straight debt, we find anExpand
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Forecasts of earnings per share: Possible sources of analyst superiority and bias*
Abstract. Previous research has shown that analysts' forecasts of quarterly earnings per share (EPS) are more accurate than those of accepted time-series models. In addition, some previous researchExpand
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