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The influence of financial analysts on the underinvestment problem

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Marhfor, A. et M'Zali, B. et Cosset, J.-C. (2013). The influence of financial analysts on the underinvestment problem. ACRN Journal of Finance and Risk Perspectives , 2 (2). p. 1-14. Repéré dans Depositum à https://depositum.uqat.ca/id/eprint/918

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Résumé

In this paper, we investigate whether more analyst coverage alleviates firm’s financing and investment distortions. Using a sample of 44 countries, we find that analyst coverage is positively related to firm’s financing constraints, in accord with the view that financial analysts’ do not reduce information asymmetries between market participants and contribute to efficient capital allocation. Furthermore, our results also indicate that analysts’ activities do not produce different effects depending on the country’s home environment.

Type de document: Article
Informations complémentaires: Licence d'utilisation : CC-BY-SA 4.0 http://www.acrn-journals.eu/
Mots-clés libres: Analyst coverage; Firm’s financing constraints; Information asymmetry; Market efficiency; Investment-cash flow sensitivity; Financial hierarchy
Divisions: Gestion
Date de dépôt: 18 mars 2020 19:01
Dernière modification: 26 mars 2020 14:59
URI: https://depositum.uqat.ca/id/eprint/918

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