کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5069587 1476991 2015 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Security analysts' target prices and takeover premiums
ترجمه فارسی عنوان
قیمت های هدف تحلیلگران امنیتی و حق بیمه گرفتن
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Most existing studies conclude that the accuracy of analysts' target prices is questionable. In forecasting target prices, analysts estimate a future stock price under the constraint of a time frame of usually 12 months. We exclude this source of uncertainty by focusing on valuations in takeover bids. We show that the expected returns by analysts are significantly related to the takeover premiums paid. A 5 percent higher target price is associated with a 1 percent higher takeover bid. The economic significance increases when we control takeover premiums for estimated synergy gains. Our results support the relevance of analysts' price forecasts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 13, May 2015, Pages 205-213
نویسندگان
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