We find evidence that performance — reflected in earnings and cash flows — is transferred from targets to acquirers around acquisitions. Using a sample of 2,128 completed deals from 1985-2010, our results suggest that targets depress performance when investor attention declines once the deal...

We test predictions that managers issuing voluntary capex guidance learn from analyst feedbackand that this learning enhances investment efficiency and firm performance (Langberg andSivaramakrishnan, 2010). Our findings are consistent with these predictions. First, we find thatmanagers' capex...