Do analysts matter for governance? Evidence from natural experiments

• المؤلفون الرئيسيون: Chen, Jonas Tao, Harford, Jarrad, Lin, Chen
• مؤلفون آخرون: Nanyang Business School
• التنسيق: مقال
• اللغة: English
• منشور في: 2015
• الموضوعات: DRNTU::Business::Finance
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/106948; http://hdl.handle.net/10220/25250
• المؤسسة: Nanyang Technological University

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...