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Do analysts matter for governance? Evidence from natural experiments

หน่วยงาน Nanyang Technological University, Singapore

รายละเอียด

ชื่อเรื่อง : Do analysts matter for governance? Evidence from natural experiments
นักวิจัย : Chen, Tao , Harford, Jarrad , Lin, Chen
คำค้น : DRNTU::Business::Finance
หน่วยงาน : Nanyang Technological University, Singapore
ผู้ร่วมงาน : -
ปีพิมพ์ : 2558
อ้างอิง : Chen, T., Harford, J., & Lin, C. (2015). Do analysts matter for governance? Evidence from natural experiments. Journal of financial economics, 115(2), 383-410. , 0304-405X , http://hdl.handle.net/10220/25250 , http://dx.doi.org/10.1016/j.jfineco.2014.10.002
ที่มา : -
ความเชี่ยวชาญ : -
ความสัมพันธ์ : Journal of financial economics
ขอบเขตของเนื้อหา : -
บทคัดย่อ/คำอธิบาย :

Building on two sources of exogenous shocks to analyst coverage (broker closures and mergers), we explore the causal effects of analyst coverage on mitigating managerial expropriation of outside shareholders. We find that as a firm experiences an exogenous decrease in analyst coverage, shareholders value internal cash holdings less, its CEO receives higher excess compensation, its management is more likely to make value-destroying acquisitions, and its managers are more likely to engage in earnings management activities. Importantly, we find that most of these effects are mainly driven by the firms with smaller initial analyst coverage and less product market competition. We further find that after exogenous brokerage exits, a CEO׳s total and excess compensation become less sensitive to firm performance in firms with low initial analyst coverage. These findings are consistent with the monitoring hypothesis, specifically that financial analysts play an important governance role in scrutinizing management behavior, and the market is pricing an increase in expected agency problems after the loss in analyst coverage.

บรรณานุกรม :
Chen, Tao , Harford, Jarrad , Lin, Chen . (2558). Do analysts matter for governance? Evidence from natural experiments.
    กรุงเทพมหานคร : Nanyang Technological University, Singapore.
Chen, Tao , Harford, Jarrad , Lin, Chen . 2558. "Do analysts matter for governance? Evidence from natural experiments".
    กรุงเทพมหานคร : Nanyang Technological University, Singapore.
Chen, Tao , Harford, Jarrad , Lin, Chen . "Do analysts matter for governance? Evidence from natural experiments."
    กรุงเทพมหานคร : Nanyang Technological University, Singapore, 2558. Print.
Chen, Tao , Harford, Jarrad , Lin, Chen . Do analysts matter for governance? Evidence from natural experiments. กรุงเทพมหานคร : Nanyang Technological University, Singapore; 2558.