Voluntary disclosure of profit forecasts by target companies in takeover bids

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Title: Voluntary disclosure of profit forecasts by target companies in takeover bids
Authors: Brennan, Niamh
Permanent link: http://hdl.handle.net/10197/2922
Date: Sep-1999
Abstract: This paper examines factors influencing voluntary forecast disclosure by target companies, whether good/bad news forecasts are disclosed and the influence of forecasts on the outcome of hostile bids. Disclosure was significantly more likely during contested bids. In agreed bids, probability of forecast disclosure was greater the shorter the bid horizon. In contested bids, forecasts were more likely where there were large block shareholdings, for larger targets and for targets in the capital goods industry. There was a clear tendency to disclose good news forecasts. A significant positive association between forecast disclosure and increase in offer price was found.
Funding Details: Not applicable
Type of material: Journal Article
Publisher: Wiley-Blackwell
Copyright (published version): Blackwell Publishers Ltd. 1999
Keywords: Voluntary disclosure;Forecasts;Target companies;Takeover defences
Subject LCSH: Profit--Forecasting
Disclosure of information
Consolidation and merger of corporations
DOI: 10.1111/1468-5957.00279
Language: en
Status of Item: Peer reviewed
Appears in Collections:Business Research Collection
UCD RePEc Archive Collection

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