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Dissertation
Properties of management earnings forecasts following mergers and acquisitions
University of Iowa
Doctor of Philosophy (PhD), University of Iowa
Spring 2017
DOI: 10.17077/etd.8iu0iz8w
Abstract
<p>I study how the properties of management earnings forecasts change after a firm merges with or acquires another company. I find management is more likely to issue a forecast in a merger or an acquisition firm-year than in a non-M&A firm-year. Compared to forecasts issued by the firm in non-M&A periods, the first forecast issued after completing an M&A deal is less likely to be bundled with an earnings announcement and the forecast range is wider, although more likely to be optimistic than non-M&A forecasts. I find the increase in forecast range width and optimism persist in forecasts issued up to the end of the fiscal year but are not present in the initial forecast issued in the subsequent year. Finally, I find variation in M&A experience and M&A type influence management earnings forecast properties. Because prior studies of management forecasts often delete observations containing mergers and acquisitions or simply include the firm’s market-to-book, my study informs researchers about how the properties of management forecasts are impacted by the uncertainty from a merger or an acquisition.</p>
Details
- Title: Subtitle
- Properties of management earnings forecasts following mergers and acquisitions
- Creators
- Olivia Grace Huseman - University of Iowa
- Contributors
- Daniel Collins (Advisor)Paul Hribar (Advisor)Cristi A. Gleason (Committee Member)Jon A. Garfinkel (Committee Member)Samuel J. Melessa (Committee Member)
- Resource Type
- Dissertation
- Degree Awarded
- Doctor of Philosophy (PhD), University of Iowa
- Degree in
- Business Administration
- Date degree season
- Spring 2017
- Publisher
- University of Iowa
- DOI
- 10.17077/etd.8iu0iz8w
- Number of pages
- viii, 52 pages
- Copyright
- Copyright © 2017 Olivia Grace Huseman
- Language
- English
- Description bibliographic
- Includes bibliographical references (pages 49-52).
- Academic Unit
- Tippie College of Business
- Record Identifier
- 9983777254702771
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