Finance and Financial Management Commons^™

Bond Rating Agencies And Stock Analysts: Who Knows What When?, Louis H. Ederington, Jeremy C. Goh

Research Collection Lee Kong Chian School Of Business

Both bond ratings agencies and stock analysts evaluate publicly traded companies and communicate their opinions to investors. Comparing the timelines of each, it is found that Granger causality flows both ways. While most bond downgrades are preceded by declines in actual and forecasting earnings, both actual earnings and forecasts of future earnings tend to fall following downgrades. Although part of this post-downgrade forecast revision can be attributed to negative news regarding actual earnings, most appears to be reaction to the downgrade itself. Little change is found in actual earnings following upgrades. Analysts, however, tend to increase their forecasts of future …

A Cross-Sectional Analysis Of The Determinants Of Corporate Share Repurchases, Kenneth M. Washer

Doctoral Dissertations

The objective of this study is to determine which motives play a significant role in determining the extent of a firm's repurchasing activity. For firms repurchasing through the open market, the motives include taking advantage of perceived undervaluation, increasing financial leverage, distributing cash to shareholders, and reducing agency costs. For firms using a tender offer, the motives include taking advantage of perceived undervaluation and having the ability to significantly increase financial leverage. Also, the hypothesis that the perceived undervaluation motive is stronger for smaller firms is tested. Three censored regression models are employed, and each model's explanatory variables represent commonly …

Selecting A Credit Card, Elizabeth Gorham, Marsha Goetting

All Current Publications

No abstract provided.

The Performance Of Initial Public Offerings In The Biotechnology Industry, Todd A. Finkle, Dan French

Todd A Finkle