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首页> 外文会议>2009 China international conference in finance >Analyst Coverage around Mergers Acquisitions
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Analyst Coverage around Mergers Acquisitions

机译：并购方面的分析师报道

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摘要

We examine how changes in analyst coverage and increased information uncertainty resulting from mergers and acquisitions (M&As) affect the research quality of merged firms. The cross-sectional variations in analyst turnovers are related to investment banks and analysts re-evaluating the benefits and costs in providing coverage. Among the analysts covering the merged firm, those who have covered the target before the M&A transaction are the most accurate in forecasting earnings for the merged firm. The accuracy of the consensus forecast of the merged firm also increases with the fraction of these target analysts. The positive impact of target analysts is especially marked in diversifying mergers. Our results suggest that, with knowledge of the target firm, target analysts can improve the research quality of the merged firm by alleviating information loss from the delisting of target firm.
机译：我们研究了由合并和收购（M＆A）引起的分析师覆盖率变化和信息不确定性增加如何影响合并公司的研究质量。分析师营业额的横截面变化与投资银行和分析师重新评估提供覆盖范围的收益和成本有关。在涉及合并公司的分析师中，那些在并购交易之前就完成了目标的分析师最准确地预测了合并公司的收益。合并公司的共识预测的准确性也随这些目标分析师的比例而提高。目标分析师的积极影响尤其体现在兼并多元化方面。我们的结果表明，有了目标公司的知识，目标分析师可以通过减轻目标公司退市中的信息损失来提高合并公司的研究质量。

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