digitalization is inevitable to avoid trade diversion in an increasingly competitive globalized world. There are opportunities for …

Forecast improvements can be expected if the two partners involved in a brokerage merger pool information and expertise … brokerage. At the analyst-level, we find only weak evidence of forecast improvements after the merger. However, we find evidence … forecast improvements after the mergers. At the brokerage-level, we find that for two of the four mergers, forecast …