劣势
业务
并购
现金流
职位(财务)
现金
自然实验
货币经济学
数据库事务
会计
经济
精算学
财务
计算机科学
数据库
人工智能
统计
数学
作者
Felipe Cortes,Francisco Marcet
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2022-09-15
卷期号:69 (7): 4108-4133
被引量:3
标识
DOI:10.1287/mnsc.2022.4468
摘要
This paper studies the role of shared analysts, who cover the target and the acquirer, in mergers and acquisitions outcomes. We find that deals where both firms are connected through shared analysts are less likely to be completed than deals without shared analysts. If completed, however, deals with shared analysts exhibit higher expected synergy gains, acquirer announcement returns, and acquirer post-completion performance. Shared analysts are also more likely to issue estimates about the acquirer in the proximity of the impending deal and their estimates are associated with a decrease in the uncertainty about acquirer’s cash flows. Our results highlight how the position of analysts in a deal results in an informational edge that enhances the screening of deals and mitigation of the acquirer’s informational disadvantage. Shared analysts who enhance the acquirer’s ability to screen out deals also exhibit superior career outcomes post-completion. We find similar results in the pre- and post-Regulation Fair Disclosure period, using brokerage house closures as a quasi-natural experiment and after controlling for analysts’ affiliations. This paper was accepted by Tomasz Piskorski, finance. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4468 .
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