A REEXAMINATION OF ANALYSTS EARNINGS FORECASTS FOR TAKEOVER TARGETS

被引：32
|
作者：
BROUS, PA [1 ]
KINI, O [1 ]
机构：
[1] PENN STATE UNIV, UNIV PK, PA 16802 USA
来源：
JOURNAL OF FINANCIAL ECONOMICS | 1993年 / 33卷 / 02期
关键词：
D O I：
10.1016/0304-405X(93)90004-U
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine analysts' earnings forecasts for a sample of takeover targets and document that the announcement-month forecasts are systematically revised upward, supporting the hypothesis that a takeover announcement conveys favorable information about the target firm. In addition, we find that abnormal forecast revisions of future stand-alone earnings are significantly greater for targets with low Tobin's q-ratios relative to targets with high q-ratios, lending further support to the information hypothesis. Finally, we provide evidence that managerial resistance to the takeover does not destroy value. Our results are in direct contrast to Pound (1988).
引用
收藏
页码：201 / 225
页数：25
相关论文
共 50 条
  • [1] Rational expectations, analysts' forecasts of earnings and sources of value gains for takeover targets
    Sudarsanam, S
    Salami, A
    Alexandrou, G
    [J]. JOURNAL OF BANKING & FINANCE, 2002, 26 (01) : 153 - 177
  • [2] The supply of analysts and earnings forecasts
    Wang, Ying
    Liu, Zisen
    Wang, Xin
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 84
  • [3] ANALYSTS FORECASTS AS EARNINGS EXPECTATIONS
    OBRIEN, PC
    [J]. JOURNAL OF ACCOUNTING & ECONOMICS, 1988, 10 (01): : 53 - 83
  • [4] Investment Analysts' Forecasts of Earnings
    Ciciretti, Rocco
    Dwyer, Gerald P.
    Hasan, Iftekhar
    [J]. FEDERAL RESERVE BANK OF ST LOUIS REVIEW, 2009, 91 (05): : 545 - 567
  • [5] The Timing of Analysts' Earnings Forecasts
    Guttman, Ilan
    [J]. ACCOUNTING REVIEW, 2010, 85 (02): : 513 - 545
  • [6] Earnings predictability and bias in analysts' earnings forecasts
    Das, S
    Levine, CB
    Sivaramakrishnan, K
    [J]. ACCOUNTING REVIEW, 1998, 73 (02): : 277 - 294
  • [7] Institutional ownership and analysts' earnings forecasts
    Liu, Wenjun
    Chen, Aoyun
    [J]. FINANCE RESEARCH LETTERS, 2024, 61
  • [8] Analysts’ use of dividends in earnings forecasts
    Somnath Das
    Philipp D. Schaberl
    Pradyot K. Sen
    [J]. Review of Accounting Studies, 2024, 29 : 1192 - 1234
  • [9] Cost Behavior and Analysts' Earnings Forecasts
    Weiss, Dan
    [J]. ACCOUNTING REVIEW, 2010, 85 (04): : 1441 - 1471
  • [10] Natural disasters and analysts? earnings forecasts*
    Kong, Dongmin
    Lin, Zhiyang
    Wang, Yanan
    Xiang, Junyi
    [J]. JOURNAL OF CORPORATE FINANCE, 2021, 66
12345