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ANALYSTS’ ROLE IN M&A ANNOUNCEMENTS: THE MODERATING EFFECT OF ANALYST SCRUTINY AT THE EVENT-LEVEL

Yi, Eunjoo (2016) ANALYSTS’ ROLE IN M&A ANNOUNCEMENTS: THE MODERATING EFFECT OF ANALYST SCRUTINY AT THE EVENT-LEVEL. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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Abstract

Although much is known regarding the antecedents and consequences of analyst scrutiny, very little attention has been paid to how analyst scrutiny is stimulated in a firm’s announcement and subsequently influences the market response to the announcement. Adopting a behavioral perspective of analyst scrutiny in M&A context, I examine how analyst scrutiny moderates the effects of deal attributes on the market response to deal announcements. To test this moderating effect on M&A performance, I decompose analyst scrutiny into two levels: the firm-level and the event-level, and suggest that event-level scrutiny occurs based on specific event attributes. Treating deal-level scrutiny as event-level scrutiny triggered by a firm’s rich media use for an M&A announcement, I propose that deal-level scrutiny will magnify the effects of both value-positive and value-negative deal attributes on an acquirer’s market performance. A dataset of 783 M&A announcements by S&P 500 companies from 2005 to 2011 supported the moderating effect of rich media use only on the relationship between a negative deal attribute, such as relative deal size, and an acquirer’s performance, but not on the relationship between two positive attributes, cash payment for a deal and industry relatedness, and performance.


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Details

Item Type: University of Pittsburgh ETD
Status: Unpublished
Creators/Authors:
CreatorsEmailPitt UsernameORCID
Yi, Eunjooeunjoo8@gmail.comEUY70000-0001-7185-858X
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairMadhavan, Ravindranathrmadhavan@katz.pitt.eduRAM115
Date: 21 June 2016
Date Type: Publication
Defense Date: 1 June 2015
Approval Date: 21 June 2016
Submission Date: 22 May 2016
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Number of Pages: 82
Institution: University of Pittsburgh
Schools and Programs: Joseph M. Katz Graduate School of Business > Business Administration
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: M&A, Analyst scrutiny, Event announcement, Conference call
Date Deposited: 21 Jun 2016 16:32
Last Modified: 15 Nov 2016 14:33
URI: http://d-scholarship.pitt.edu/id/eprint/28067

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