A REEXAMINATION OF ANALYSTS EARNINGS FORECASTS FOR TAKEOVER TARGETS

被引：33

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

页码：201 / 225

页数：25