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The real effects of financial shocks : evidence from exogenous changes in analyst coverage

Derrien, Francois - ; Kecskes, Ambrus - ;

We study the causal effects of analyst coverage on corporate investment and financing policies. We hypothesize that a decrease in analyst coverage increases information asymmetry and thus increases the cost of capital; as a result, firms decrease their investment and financing. We use broker closures and broker mergers to identify changes in analyst coverage that are exogenous to corporate policies. Using a difference-in-differences approach, we find that firms that lose an analyst decrease their investment and financing by 1.9% and 2.0% of total assets, respectively, compared to similar firms that do not lose an analyst..Printed Journal, baca ditempat


Ketersediaan

Call NumberLocationAvailable
JOF6804PSB lt.dasar - Pascasarjana1
Penerbit: Wiley Periodicals
Edisi-
Subjek-
ISBN/ISSN221082
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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