Common Stock Offerings and Earnings Expectations: A Test of the Release of Unfavorable Information
研究公司宣布增发普通股时，分析师对当年盈利预测平均下调，且下调幅度与公告期异常回报显著相关，但对五年增长率预测无变化，表明增发传递短期而非长期盈利的不利信息。
ABSTRACT This paper examines the revisions of analysts' forecasts of future earnings around announcements of common stock offerings. The forecasts of the current year earnings are, on average, decreased when firms announce plans to issue additional common stock. The size of the decrease is significantly related to announcement period abnormal stock returns. In contrast, forecasts of the five‐year growth rate of earnings are, on average, unchanged. We interpret these results as being consistent with the claim that equity offering announcements convey unfavorable information regarding the firm's short‐term but not its long‐term earnings prospects.