Article ID Journal Published Year Pages File Type
5086973 Journal of Accounting and Economics 2009 28 Pages PDF
Abstract
We investigate the effects of mergers on the career outcomes of financial analysts. We hypothesize and find 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. We analyze the promotion of analysts to research executive positions and find that analysts with greater experience and especially experienced stars are more likely to be promoted. Finally, we document that analyst turnover is associated with decreases in research quality at the merged firms post-merger.
Related Topics
Social Sciences and Humanities Business, Management and Accounting Accounting
Authors
, ,