We investigate whether quarterly earnings guidance by corporate takeover targets is associated with acquisition … because it encourages management to focus on excessively short-term horizons. If so, firms providing quarterly guidance …

This study examines how takeover decisions are influenced by the quality of information in target firms' earnings. We … quality and takeover premiums are negatively related in negotiated takeovers, suggesting that bidders obtain valuable private … bidders' takeover decisions, particularly in cases of large asymmetric information between targets and bidders …

examples concerning disclosures in profit forecasts and in takeover documents. This is intended as useful precedent material … analysis of the disclosure practices in 250 profit forecasts disclosed during 701 public company takeover bids in the UK in the …Despite the importance of profit forecasts to investors, little attention has been given so far to their publication …

We provide the first empirical investigation into the impact of Internet Stock Message Board takeover rumors on the … takeover rumors disseminated during the period January 2003 to December 2008, inclusive. Overall, our analysis, utilizing … intraday Trade and Quote (TAQ) data, reveals that Message Board takeover rumors generate significant positive abnormal returns …

relevance of earnings. However, prior literature documents that the likelihood of earnings management is lower in firms with … shareholders. Despite ‘higher quality' earnings of such firms, we find that takeover protection impairs the perception of equity … investors on earnings quality. We attribute this contradictory result to the failure of management to take risky but value …

To address the question as to whether managers manipulate accounting numbers downwards prior to management buyouts …, negative earnings manipulation (understating the earnings prior to the deal) often occurs, both by means of accrual management … and real earnings management. We demonstrate that MBOs are significantly more frequently subject to negative manipulation …

management hypothesis …