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Voluntary disclosure of profit forecasts by target companies in takeover bids
Author(s)
Date Issued
1999-09
Date Available
2011-05-09T16:27:15Z
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.
Sponsorship
Not applicable
Type of Material
Journal Article
Publisher
Wiley-Blackwell
Journal
Journal of Business Finance & Accounting
Volume
26
Issue
7/8
Start Page
883
End Page
917
Copyright (Published Version)
Blackwell Publishers Ltd. 1999
Subject – LCSH
Profit--Forecasting
Disclosure of information
Consolidation and merger of corporations
Web versions
Language
English
Status of Item
Peer reviewed
ISSN
1468-5957
This item is made available under a Creative Commons License
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04_06 Brennan Voluntary Disclosure of Profit Forecasts by Target Companies in Takeover Bids.pdf
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182.72 KB
Format
Owning collection
Scopus© citations
42
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