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Security Analysts and Market Reaction:Caveat for Monitoring

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Author Info

  • Rama Prasad Kanungo

    (Asian Accounting, Finance & Business Research Unit)

Abstract

Security analysts, analyst forecast and market reaction are anecdotal in restructuring transactions, sometime conflicting and some other time imperative to the process of transaction. This article attempts to highlight a consistent association between analyst, market reaction and corporate restructuring. A close intermediation between those themes is analysed in this article, implying the relationship is contiguous. However issues of delayed price adjustment, conglomerate stock break-ups and negative earnings surprises are not discussed in this paper, though such factors are ingeniously important and crucial to the process of corporate restructuring.

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File URL: http://128.118.178.162/eps/fin/papers/0411/0411039.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 0411039.

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Length: 12 pages
Date of creation: 25 Nov 2004
Date of revision:
Handle: RePEc:wpa:wuwpfi:0411039

Note: Type of Document - pdf; pages: 12
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Web page: http://128.118.178.162

Related research

Keywords: Security Analysts; Forecasting and Agency Cost;

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  1. Brown, David T & Ryngaert, Michael D, 1991. " The Mode of Acquisition in Takeovers: Taxes and Asymmetric Information," Journal of Finance, American Finance Association, vol. 46(2), pages 653-69, June.
  2. Doukas, John A. & Phillip J. McKnight & Christos Pantzalis, 2002. "Security Analysis, Agency Costs, and UK Firm Characteristics," Royal Economic Society Annual Conference 2002 65, Royal Economic Society.
  3. Frank R. Lichtenberg & Donald Siegel, 1991. "The Effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior," NBER Working Papers 3022, National Bureau of Economic Research, Inc.
  4. Peterson, David & Peterson, Pamela, 1982. "The Effect of Changing Expectations upon Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(05), pages 799-813, December.
  5. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  6. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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