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

By Mark Bradshaw, Scott A. Richardson, Richard G. Sloan. 2006

551 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8b1566dabdc3025fe8f4efade07a12e610385e99

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

What Drives Stock Price Movements (2013, unknown): “Forecasts adjusted by external financing: It has been documented that analyst forecasts can be overly optimistic for firms for which there is large investment banking demand (Rajan and Servaes 1997; Bradshaw, Richardson, and Sloan 2006).”
Is Default Risk Negatively Related to Stock Returns (2010, methodology): “Bradshaw, Richardson, and Sloan (2006) extend their analysis to a broader measure of external financing and show that analysts are biased in favor of firms with large investment banking business.”
Monitoring and Corporate Disclosure: Evidence from a Natural Experiment (2013, unknown): “20 We also find a similar pattern when we consider net cash from external financing activities (sale of common and preferred stock less cash dividends paid or from debt issuance/repayment) based on statement of cash flows data (as in Bradshaw, Richardson, and Sloan, 2006).”
Analyst Coverage and Earnings Management (2008, background): “Following Bradshaw, Richardson, and Sloan (2006), I measure firms’ external financing activities as the sum of net proceeds from equity financing and debt financing scaled by total assets.”
Prospect Theory and Stock Market Anomalies (2020, unknown): “See Bradshaw, Richardson, and Sloan (2006).”
The effects of firm size, corporate governance quality, and bad news on disclosure compliance (2011, methodology): “It is computed following Bradshaw et al. (2006) as the sum of equity financing and debt financing in the subsequent fiscal year, scaled by total assets.”
Identifying Expectation Errors in Value/Glamour Strategies: A Fundamental Analysis Approach (2012, unknown): “…Livnat 2006; Balakrishnan, Bartov, and Faurel 2010), the reversing nature of extreme accrual realizations (Sloan 1996), net financing activities (Bradshaw, Richardson, and Sloan 2006), and a host of different financial statement analysis-based ratios and summary statistics (Ou and Penman 1989;…”
Share Issuance and Cross‐sectional Returns (2008, result): “3 If (as Table IV shows) post-SEO and share repurchase returns are part of a general the change in shares outstanding effect, our findings suggest that the results of the long-run SEO and repurchase literature and some of the results of Bradshaw et al. (2004) and Daniel and Titman (2006) may be samp”
The effect of financial leverage on real and accrual-based earnings management (2017, result): “Furthermore, the level of debt could also prompt the motivation to present to equity investors (existing or potential) an improved picture of the firm, in the case that firms wish to reduce the negative impact which leverage has been shown to have on stock market performance (Bradshaw et al. 2006, C”
The Economics of Conflicts of Interest in Financial Institutions (2006, unknown): “Bradshaw, Richardson, and Sloan (2006) find that analysts are generally too optimistic for firms that have high external net”
Do Non-Investment Bank Analysts Make Better Earnings Forecasts? (2008, background): “, Givoly & Lakonishok [ 19791; Brown [ 19931). Notable evidence includes Francis and Soffer (1997), who report that earnings forecast revisions have price informativeness incremental to changes in recommendations, and Bradshaw (2004), who reports that investors would earn higher returns relying on p”