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(Unpublished)
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Unpublished |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: |
|
| ETD Committee: |
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| 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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