This study explores the market response to achieving analyst earnings expectations, distinguishing between expectations achieved through earnings forecast guidance and earnings management. We consider three earnings management tools: real earnings management, working capital accruals management,...

We investigate rights issues on the Athens Stock Exchange. Across 129 issues during 1992-99, we find a significant announcement effect of 2%. Further examination shows that firms were more likely to issue stock after large price run-ups, after recent earnings announcements, to lower uncertainty...