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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)

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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://129.3.20.41/eps/fin/papers/0411/0411039.pdf
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Publisher 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://129.3.20.41

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Related research
Keywords: Security Analysts; Forecasting and Agency Cost;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
  3. 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. [Downloadable!]
  4. Lichtenberg, Frank R. & Siegel, Donald, 1990. "The effects of leveraged buyouts on productivity and related aspects of firm behavior," Journal of Financial Economics, Elsevier, vol. 27(1), pages 165-194, September. [Downloadable!] (restricted)
    Other versions:
  5. 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. [Downloadable!] (restricted)
  6. 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. [Downloadable!]
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