<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Using more than 350,000 sell-side analyst recommendations from January 1994 to August 2006, this paper examines the predictive content of aggregate analyst recommendations. We find that changes in aggregate analyst recommendations forecast future market excess returns after controlling...

Purpose – The purpose of this paper is to assess whether the decision to issue warrants in an initial public offering (IPO) is subject to catering influences. Design/methodology/approach – The approach used was to measure the market “warrant premium” and assess whether it relates to the...

Purpose – A friendly merger can be structured as a one‐step transaction or a two‐step transaction. For a variety of reasons, such as the fast speed with which two‐step mergers are completed, there are concerns about whether target shareholders are disadvantaged by this structure in...