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| Tekijä: | Wu, J.S. Zang, A.Y. |
| Otsikko: | What determine financial analysts' career outcomes during mergers? |
| Lehti: | Journal of Accounting & Economics
2009 : MAR, VOL. 47:1-2, p. 59-86 |
| Asiasana: | earnings forecasting turnover mergers promotion |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the effects of mergers on the career outcomes of financial analysts. It is hypothesized and found that analysts with good earnings forecast performance experience higher turnover during mergers, target analysts are more likely to turnover and the existence of a competing analyst in a merger counter party also increases analyst turnover. The study analyzes the promotion of analysts to research executive positions and find that analysts with greater experience and particularly experienced stars are more likely to be promoted. To conclude, the paper documents that analyst turnover is associated with decreases in research quality at the merged firms post-merger. |
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