ANALYST BEHAVIOR SURROUNDING TENDER OFFER ANNOUNCEMENTS

Daniel J. Bradley, Angela Morgan () and Jack G. Wolf

Journal of Financial Research, 2007, vol. 30, issue 1, 1-19

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.

Date: 2007
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