haku: @indexterm FINANCIAL ANALYSIS / yhteensä: 599
viite: 10 / 599
| Tekijä: | Yu, F. |
| Otsikko: | Analyst coverage and earnings management |
| Lehti: | Journal of Financial Economics
2008 : MAY, VOL. 88:2, p. 245-271 |
| Asiasana: | corporate governance financial analysis equities earnings management decision making |
| Kieli: | eng |
| Tiivistelmä: | This paper explores equity analysts' (hereafter as: a-lts.) influence on managers' (here as: mgrs.) earnings management (as: e-mgmt.) decisions. It is asked if a-lts. do serve as external monitors to mgrs., or if they put excessive pressure on mgrs. Based on multiple measures of e-mgmt, it is found that firms followed by more a-lts. manage their earnings less. To address the potential endogeneity problem of a-lts. coverage, used are two instrumental variables based on change in broker size and on firm's inclusion in the Standard & Poor's 500 index. The results are found to be robust etc. |
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