What is the value of sell-side analysts? Evidence from coverage initiations and terminations

被引：52

作者：

Li, Kevin K. ^{[1
]}

You, Haifeng ^{[2
]}

机构：

[1] Univ Calif Riverside, Sch Business Adm, Riverside, CA 92521 USA

[2] Hong Kong Univ Sci & Technol, Sch Business & Management, Kowloon, Hong Kong, Peoples R China

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2015年 / 60卷 / 2-3期

关键词：

Coverage initiation; Exogenous coverage termination; Firm value; Investor recognition; Information asymmetry; INVESTOR RECOGNITION; MARKET-SEGMENTATION; EARNINGS FORECASTS; ASSET PRICES; INFORMATION; ILLIQUIDITY; SELECTION; IMPACT; FIRMS;

D O I：

10.1016/j.jacceco.2015.08.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate three potential channels of analyst value creation: improving fundamental performance through monitoring, reducing information asymmetry, and increasing investor recognition. We show that changes in investor recognition have consistent explanatory power for the market reaction to coverage initiations and terminations but find mixed evidence for changes in information asymmetry and no evidence for changes in fundamental performance as determinants of the market reaction. These results suggest that analysts create value for firms under their coverage by improving their investor recognition and not by monitoring or reducing information asymmetry. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：141 / 160

页数：20

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