A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2016; you can also visit the original URL.
The file type is application/pdf
.
Do Stock Analysts Influence Merger Completion? An Examination of Postmerger Announcement Recommendations
2015
Management science
This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion. We find the probability of completion increases (decreases) with the favorability of acquirer (target) recommendations. Results from instrumental variables tests support causality running from recommendations to merger outcomes. Additional tests suggest that these relations are driven by target shareholders reassessing the merger offer in response to movements in acquirer and
doi:10.1287/mnsc.2014.2065
fatcat:aezk4ho5uzghtji65od7qzqdcq