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In this paper I show that the bond price reaction to earnings announcements has predic- tive power for post-announcement stock returns and that this predictive ability is driven by the bonds of non-investment grade firms. I find that bonds' predictive ability is more pronounced in firms that...
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In 1995 Congress passed the Private Securities Litigation Reform Act (PSLRA), which grants public companies a safe harbor from liability for forward-looking statements (FLS). Because investors cannot reasonably assess the legitimacy of forward-looking information for initial public offerings...
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