Do Stock Analysts Influence Merger Completion? An Examination of Postmerger Announcement Recommendations
研究并购公告后分析师推荐对交易完成概率的影响，发现收购方推荐越有利、目标方推荐越不利时交易越可能完成，且目标股东会重新评估报价。
This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion. We find the probability of completion increases (decreases) with the favorability of acquirer (target) recommendations. Results from instrumental variables tests support causality running from recommendations to merger outcomes. Additional tests suggest that these relations are driven by target shareholders reassessing the merger offer in response to movements in acquirer and target valuations. We also find that favorably recommended firms in a proposed merger underperform following deal resolution, suggesting that investors overreact to postmerger announcement recommendations. This paper was accepted by Wei Jiang, finance.