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This paper examines how equity analysts' roles as information intermediaries and monitors affect corporate liquidity policy and its associated value of cash, providing new evidence that analysts have a direct

This paper examines how equity analysts' roles as information intermediaries and monitors affect corporate liquidity policy and its associated value of cash, providing new evidence that analysts have a direct impact on corporate liquidity policy. Greater analyst coverage (1) reduces information asymmetry between a firm and outside shareholders and (2) enhances the monitoring process. Consistent with these arguments, analyst coverage increases the value of cash, thereby allowing firms to hold more cash.

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    Date Created
    • 2012
    Resource Type
  • Text
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    • Partial requirement for: Ph. D., Arizona State University, 2012
      Note type
      thesis
    • Includes bibliographical references (p. 90-95)
      Note type
      bibliography
    • Field of study: Business administration

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    by Ching-Hung Chang

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