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| Tekijä: | Kirk, M. |
| Otsikko: | Research for sale: Determinants and consequences of paid-for analyst research |
| Lehti: | Journal of Financial Economics
2011 : APR, VOL. 100:1, p. 182-200 |
| Asiasana: | USA listed companies research capital markets |
| Vapaa asiasana: | analyst coverage voluntary disclosure |
| Kieli: | eng |
| Tiivistelmä: | Using a sample of paid-for (herein as: p-f.) reports from 1999 to 2006, this study explores the determinants and market impact of p-f. coverage. More than 500 publicly listed U.S. companies used p-f. analyst coverage since 1999. Yet, there is not too much known about the informational consequences of this analyst research. Companies with greater uncertainty, weaker information environments, and low turnover are more likely to buy coverage. Despite the inherent conflicts of interest, p-f. reports are found to have information content for investors based on 2-day abnormal returns. After the initiation of coverage, companies experience an increase in institutional ownership, sell-side analyst following, and liquidity. In addition, there are some more results reported in detail. |
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