The Effect of SFAS No. 141 and SFAS No. 142 on the Accuracy of Financial Analysts' Earnings Forecasts after Mergers Page: 56
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Preliminary Analysis
I conducted parametric and nonparametric tests of the difference in the
leaders/followers structure for merging and non-merging firms and for pre-SFAS
141,142 and post-SFAS 141, 142 environments. Results are reported in Table 18. I was
unable to detect any significant differences in analyst coverage in terms of
leaders/followers structure. Contrary to the findings of Shroff et al. (2003), I also did not
find that lead analysts issue less accurate forecasts than followers for my whole sample
of merging and non-merging firms. However, when the same test is performed only on
the sample of merging firms, empirical results marginally support the hypothesis of
lower forecast accuracy for lead analysts. These results are presented in Table 19.
Table 18.
Univariate tests of differences in leaders/followers structure. Main sample. Annual
forecasts for 1996 and 2002 issued in the second, third, and fourth quarters of 1996 and
2002.
Panel A. Differences in leaders/followers structure between merging and non-merging
firms.
oMean P-value of P-value of P-value of non-
AcquisitionM N Leader/Follower n parametric Wilcoxon two- P-value of non-
Acde N Leader/Follower T-test(two- sample test (two- parametric Median
codecode sided) sided) two-sample test (two-
sided)
Merger 1421 0.516
Non-
merger 1364 0.486
0.116 0.116 0.116(Table continues)
56
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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/m1/63/: accessed April 24, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .