We investigate the tax incentives for leveraged buyouts by measuring the change in taxes paid by a firm due to a buyout. Estimates are made of the change in taxes paid by 23 of the largest leveraged buyouts in 1988, 1989 and 1990 under three different tax structures and use a pre-TRA '86 tax...

This paper integrates research on the accuracy of alternative long-term earnings forecasts, the gain in accuracy achievable from combining various forecasts, and the power of different long-term earnings forecasts to explain stock prices. The tests are performed on 82 electric utility firms...

This paper explores the determinants of monitoring activity provided by security analysts. Jensen and Meckling have argued that analysts play the role of monitors of managerial performance as a means of reducing agency costs of debt and equity. The other major role analysts play is that of...