belonging to both merging parties, as well as (one or more) \common insurers" with which price and network status is negotiated … of merger activity. We find that hospitals gaining system members in-state (but not in the same geographic market …) experience price increases of 7-10 percent relative to control hospitals, while hospitals gaining system members out …

operates within state boundaries: cross-market, within-state hospital mergers yield price increases of 7-9 percent for …

with firms’ target price premium. We also show that a long-short trading strategy formed on target prices and firms … recommendations. Overall, our findings suggest that analysts convey valuable information through target price forecasts, which are …