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The information content of equity-for-debt swaps : An investigation of analyst forecasts of firm cash flows
dc.contributor.authorIsrael, Ronenen_US
dc.contributor.authorOfer, Aharon R.en_US
dc.contributor.authorSiegel, Daniel R.en_US
dc.date.accessioned2006-04-07T20:38:04Z
dc.date.available2006-04-07T20:38:04Z
dc.date.issued1989-12en_US
dc.identifier.citationIsrael, Ronen, Ofer, Aharon R., Siegel, Daniel R. (1989/12)."The information content of equity-for-debt swaps : An investigation of analyst forecasts of firm cash flows." Journal of Financial Economics 25(2): 349-370. <http://hdl.handle.net/2027.42/27659>en_US
dc.identifier.urihttp://www.sciencedirect.com/science/article/B6VBX-45NHW7X-M/2/c6a41c76a89a4cf57f03edc0d30e7081en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/27659
dc.description.abstractWe demonstrate that analysts revise their forecasts of net operating income downward 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. We also provide evidence that this information is about transitory changes in the expected cash flows.en_US
dc.format.extent1416125 bytes
dc.format.extent3118 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_US
dc.publisherElsevieren_US
dc.titleThe information content of equity-for-debt swaps : An investigation of analyst forecasts of firm cash flowsen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumUniversity of Michigan, Ann Arbor, MI 48109, USAen_US
dc.contributor.affiliationotherNorthwestern University, Evanston, IL 60208, USA; Tel-Aviv University, Tel-Aviv, Israel.en_US
dc.contributor.affiliationotherNorthwestern University, Evanston, IL 60208, USAen_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/27659/1/0000041.pdfen_US
dc.identifier.doihttp://dx.doi.org/10.1016/0304-405X(89)90087-1en_US
dc.identifier.sourceJournal of Financial Economicsen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


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