An empirical examination of forecast disclosure by bidding companies

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dc.contributor.author Brennan, Niamh
dc.date.accessioned 2011-04-28T15:36:23Z
dc.date.available 2011-04-28T15:36:23Z
dc.date.issued 2000
dc.identifier.citation Accounting and Business Research en
dc.identifier.uri http://hdl.handle.net/10197/2911
dc.description.abstract This paper examines voluntary disclosure of profit forecasts by bidding companies during takeovers. Disclosure is examined from two perspectives: (i) factors influencing disclosure and (ii) the influence of good news and bad news on disclosure. Takeover documents published during 701 takeover bids for public companies listed on the London Stock Exchange in the period 1988 to 1992 were examined. Two variables accounted for almost all the influences on disclosure of forecasts: bid horizon and type of bid. Probability of forecast disclosure was greater the shorter the bid horizon and during contested bids. In addition, there was some evidence that the nature of the purchase consideration offered by the bidder (cash or paper) and the industry of the bidder influenced disclosure. Disclosure was significantly more likely in paper bids and in the durable goods industry. Forecasts were more likely to be disclosed when firms had good news to report. en
dc.description.sponsorship Not applicable en
dc.format.extent 204565 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Croner.CCH en
dc.rights Copyright of Accounting & Business Research is the property of Croner.CCH Group Limited and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. en
dc.subject Voluntary disclosure en
dc.subject Profit forecasts en
dc.subject Takeovers en
dc.subject Bidders en
dc.subject.lcsh Disclosure of information en
dc.subject.lcsh Consolidation and merger of corporations en
dc.subject.lcsh Corporation reports en
dc.subject.lcsh Business communication en
dc.subject.lcsh Corporate profits--Forecasting en
dc.title An empirical examination of forecast disclosure by bidding companies en
dc.type Journal Article en
dc.internal.availability Full text available en
dc.status Peer reviewed en
dc.identifier.volume 30 en
dc.identifier.issue 3 en
dc.identifier.startpage 175 en
dc.identifier.endpage 194 en
dc.neeo.contributor Brennan|Niamh|aut|
dc.internal.rmsid 1274850


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