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Earnings growth and acquisition returns : Do investors gamble in the takeover market?

Liu, Tingting; Tu, Danni - 2021

We document a strong positive initial market reaction to merger announcements from bidders with either large earnings growth or significant earnings decline, relative to those with neutral earnings change, reflecting a U-shaped pattern between bidders’ earnings growth and announcement returns....

Persistent link: https://www.econbiz.de/10013323516

Information, Analysts, and Stock Return Comovement

Hameed, Allaudeen - 2017

Analysts follow disproportionally firms whose fundamentals correlate more with those of their industry peers. This coverage pattern supports models of profit-maximizing information intermediaries producing preferentially information valuable in pricing more stocks. We designate highly followed...

Persistent link: https://www.econbiz.de/10012976655

The Impact of the Institutional Environment on Analysts’ Herding Behavior : Evidence from Broker Acquisitions

Fiechter, Peter; Mangeney, Louis - 2020

We examine the influence of institutional factors on herding behavior by exploring changes in security analysts’ institutional environments. Specifically, we identify analysts employed at privately held brokers subsequently acquired by a publicly listed institution (hereafter, “treated...

Persistent link: https://www.econbiz.de/10014361829

Fundamental Extrapolation and Stock Returns

Huang, Dashan - 2020

We explore the effects of fundamental extrapolation on stock returns. Empirically, we propose a novel approach to extrapolate firms' fundamental information and find that a strategy based on fundamental extrapolation earns an average return of 0.80% per month. Theoretically, we show that...

Persistent link: https://www.econbiz.de/10012825080

Consensus Analyst Target Prices : Information Content and Implications for Investors

Palley, Asa - 2019

Consensus analyst target prices are widely available online at no cost to investors. In this paper we consider whether these consensus target prices are informative for predicting future returns. We find that when considered in isolation, consensus target prices are not generally informative...

Persistent link: https://www.econbiz.de/10012861400

Return prediction or investor manipulation? Recommendations of non-professional analysts and stock price movement

Breuer, Wolfgang; Knetsch, Andreas; Sachsenhausen, Eric - 2022

We examine article, author and firm characteristics of investment articles published by non-professional analysts on the social media investment platform Seeking Alpha from 2006 to 2020 leading to visible market value changes. We show that there are differences between articles followed by stock...

Persistent link: https://www.econbiz.de/10013290160

Security Analyst Target Prices as Reference Point and Takeover Completion

Gerritsen, Dirk - 2017

Based on prospect theory, we posit that security analysts' target prices function as a reference point for takeover … target prices for a takeover target and the chances for successful deal completion. High degrees of target price dispersion …

Persistent link: https://www.econbiz.de/10012962255

Security Analysts’ Target Prices and Takeover Premiums

Gerritsen, Dirk - 2016

source of uncertainty by focusing on valuations in takeover bids. We show that the expected returns by analysts are … significantly related to the takeover premiums paid. A 5 percent higher target price is associated with a 1 percent higher takeover … bid. The economic significance increases when we control takeover premiums for estimated synergy gains. Our results …

Persistent link: https://www.econbiz.de/10013005439

Merger Means of Payment and Analyst's Forecast Bias Before Merger Announcement Date

Zhang, Yiling - 2015

We find strong evidence that analysts tend to have downward-biased earnings estimates immediately before merger announcement dates when earning announcement date is within a 60 day window prior to merger announcement date. Compared to pure stock deals, acquirer stocks in cash-only deals tend to...

Persistent link: https://www.econbiz.de/10013017575

Merger Means of Payment and Analyst's Forecast Bias Before Merger Announcement Date

Zhang, Yiling - 2015

Persistent link: https://www.econbiz.de/10013023788

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