Document Type


Date of Degree

Spring 2017

Degree Name

PhD (Doctor of Philosophy)

Degree In

Business Administration

First Advisor

Collins, Daniel

Second Advisor

Hribar, Paul

First Committee Member

Gleason, Cristi A.

Second Committee Member

Garfinkel, Jon A.

Third Committee Member

Melessa, Samuel J.


I study how the properties of management earnings forecasts change after a firm merges with or acquires another company. I find management is more likely to issue a forecast in a merger or an acquisition firm-year than in a non-M&A firm-year. Compared to forecasts issued by the firm in non-M&A periods, the first forecast issued after completing an M&A deal is less likely to be bundled with an earnings announcement and the forecast range is wider, although more likely to be optimistic than non-M&A forecasts. I find the increase in forecast range width and optimism persist in forecasts issued up to the end of the fiscal year but are not present in the initial forecast issued in the subsequent year. Finally, I find variation in M&A experience and M&A type influence management earnings forecast properties. Because prior studies of management forecasts often delete observations containing mergers and acquisitions or simply include the firm’s market-to-book, my study informs researchers about how the properties of management forecasts are impacted by the uncertainty from a merger or an acquisition.


Management Forecasting, Mergers and Acquisitions


viii, 52 pages


Includes bibliographical references (pages 49-52).


Copyright © 2017 Olivia Grace Huseman