..., for a firm that wants anti-dilutive warrants to be ITM, the return pattern should be negative because it reflects more negative news after expiration and more positive news before expiration. 1 12 2017 1 11 2020 2021 warrants market timing expectations management share issuance...

...Tsahi Versano; Brett Trueman ABSTRACT This paper analyzes a manager's optimal expectations management strategy in a setting in which the manager provides forecast guidance to an analyst both privately and publicly. Conventional wisdom suggests that managers use private communications with analysts...