The Real Effects of Financial Shocks: Evidence from Exogenous Changes in Analyst Coverage

被引：253

作者：

Derrien, Francois ^{[1
]}

Kecskes, Ambrus ^{[2
]}

机构：

[1] HEC Paris, Paris, France

[2] York Univ, Schulich Sch Business, N York, ON M3J 1P3, Canada

来源：

JOURNAL OF FINANCE | 2013年 / 68卷 / 04期

关键词：

CROSS-SECTION; STOCK RETURNS; INFORMATION; RECOMMENDATIONS; CONSTRAINTS; MARKETS; IMPACT; FIRMS; CASH; FLOW;

D O I：

10.1111/jofi.12042

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：1407 / 1440

页数：34

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