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| Author: | Chung, K. K. Jo, H. |
| Title: | The impact of security analysts' monitoring and marketing functions on the market value of firms |
| Journal: | Journal of Financial and Quantitative Analysis
1996 : DEC, VOL. 31:4, p. 493-512 |
| Index terms: | COMPANIES BY PROFITABILITY SECURITIES MANAGERS MOTIVATION COMPANY PERFORMANCE |
| Language: | eng |
| Abstract: | This paper examines the impact of security analysts' monitoring and marketing functions on firms' market value. Security analysts' monitoring of corporate performance helps motivate managers, and reducing the agency costs associated with the separation of control and ownership. The information intermediary function provided by security analysts helps expand the breadth of investor cognizance. The paper finds that analyst following exerts an important and positive impact on firms' market value. Evidence was found that security analysts have a stronger incentive to follow stocks of high quality companies. |
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