The Effect of SFAS No. 141 and SFAS No. 142 on the Accuracy of Financial Analysts' Earnings Forecasts after Mergers Page: 17
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Table 1
Sample 2 selection.Not Less
No calendar Not in than 3
Sample information year Compustat/ analysts Sample
Environment 1 in 10-K end CRSP following 2
Pre-SFAS
141, 142 73 13 10 2 7 41
Post-SFAS
141, 142 66 18 9 0 9 30
In the third step, I manually matched each company included in Sample 2
(merging company) with another company (peer company) based on the following
criteria:
(1) Peer company is in the same industry as merging company (based on the 2-digit
SIC code).8
(2) Peer company has a calendar year end.
(3) Peer company did not experience a merger in 1996 (2002), and there is no
indication of merger activity during the 2 prior years in the firm's 10-K footnotes for 1996
(2002).
(4) Peer company is followed by at least three analysts in 1996 (2002).
Out of all potential peer companies that meet conditions 1, 2, 3, and 4, I chose the peer
company that has net sales closest to that of the merging company in 1996 (2002).
I excluded from the sample companies for which I had difficulties finding a
proper match.9 These were primarily banks (SIC 60), health insurance companies (SIC
63), and mass media (SIC 27) in the pre-SFAS 141, 142 environment, and banks (SIC
60), computer equipment (SIC 35), and IT services in the post-SFAS 141, 14217
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Mintchik, Natalia Maksimovna. The Effect of SFAS No. 141 and SFAS No. 142 on the Accuracy of Financial Analysts' Earnings Forecasts after Mergers, dissertation, May 2005; Denton, Texas. (https://digital.library.unt.edu/ark:/67531/metadc4731/m1/24/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .