operates within state boundaries: cross-market, within-state hospital mergers yield price increases of 7-9 percent for … or service, but are bundled by a common intermediary. Focusing on hospital mergers across distinct geographic markets, we … higher prices (or lower-quality care). Using data on hospital mergers from 1996-2012, we find support that this mechanism …

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 …