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Analyst Behavior Surrounding Tender Offer Announcements

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Author Info

  • Daniel J. Bradley
  • Angela G. Morgan
  • Jack G. Wolf

Abstract

We examine the usefulness and credibility of analyst recommendations by focusing on their behavior surrounding tender offer announcements. For our 1998-2001 sample, we find analysts did not identify takeover targets through their recommendations nor did they distinguish between wealth-increasing and wealth-decreasing tender offers. We find some evidence of conflicts of interest in analyst recommendations, but it is confined to the 1999-2000 dot-com period. However, the long-run performance following recommendations suggests that these conflicts have little ultimate cost to investors. 2007 The Southern Finance Association and the Southwestern Finance Association.

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Bibliographic Info

Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

Volume (Year): 30 (2007)
Issue (Month): 1 ()
Pages: 1-19

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Handle: RePEc:bla:jfnres:v:30:y:2007:i:1:p:1-19

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Web page: http://www.southwesternfinance.org/
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Cited by:
  1. Chang, Chih-Hsiang & Chan, Kam C., 2011. "Investment banks' stock ratings, call warrant issuance, and responses from heterogeneous investors: Evidence from Taiwan," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 733-743, October.

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