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with firms’ target price premium. We also show that a long-short trading strategy formed on target prices and firms … recommendations. Overall, our findings suggest that analysts convey valuable information through target price forecasts, which are …
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Rumors can be classified into two types, according to whether they can credibly predict impending events or not. The analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be statistically distinguished by returns of rumored...
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Rumors can be classified into two types, according to whether they can credibly predict impending events or not. The analysis of takeover rumors of publicly traded US companies from 1990 to 2008 shows that these two types of rumors can be statistically distinguished by returns of rumored...
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