报告题目：The Impact of Corporate Takeover Activities on Analyst Optimism: Evidence from International Mergers and Acquisitions Laws

报告人：Tracy Wang

报告时间：2024年12月27日（周五）9:30-11:00

报告地点：劝学楼245

主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心

【报告摘要】

This study examines how mergers and acquisitions (M&A) laws influence sell-side analysts' forecast optimism. While prior research attributes analyst optimism largely to personal incentives such as career advancement and commission-based compensation, we develop a new theoretical framework that emphasizes broader strategic motives. Specifically, we propose that analysts increase forecast optimism as a strategic response to protect their accumulated firm-specific knowledge and mitigate risks associated with their portfolio instability, particularly in the face of regulatory changes. We use the passage of M&A laws, which increase takeover threats and therefore the risk of analyst portfolio disruption, as an ideal setting to test this theory. Using a difference-in-differences design and a sample of over 30,000 firm-year observations from 33 countries, we find a significant increase in analyst forecast optimism following M&A law reforms. This effect is more pronounced in countries with stronger investor protections and for laws that actively promote takeover activity. Our findings suggest that M&A laws inadvertently drive analysts to issue more optimistic forecasts as a strategic response to regulatory shifts, providing new insights into the dynamics of analyst behavior under changing market conditions.

【报告人简介】

Tracy Wang，澳大利亚国立大学会计学副教授。博士毕业于澳大利亚国立大学会计学专业。她的学术研究主要集中在公司信息披露与监管、环境与社会责任以及公司治理等前沿领域。过去十年间在国际顶级学术期刊上发表了近40篇论文，包括Journal of Accounting and Economics、Contemporary Accounting Research、Review of Accounting Studies、Journal of International Business Studies、Organization Science 和 Journal of Corporate Finance 等。她现任Accounting & Finance 的副主编（Deputy Editor），并担任 The International Journal of Accounting ESG 专题的客座编辑。同时，她创立并担任澳大利亚与新西兰会计与金融协会（AFAANZ）ESG Special Interest Group的主席。她的研究被国际领先的商业媒体（如 Institutional Investor）广泛报道，并多次荣获国际顶级学术期刊与会议的最佳论文奖（Best Paper Awards），展现了其研究的实践价值和国际影响力。

【特别提醒】

未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。