Matching Items (2)
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- All Subjects: Monitoring
- Creators: Bharath, Sreedhar
Description
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. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analyst-coverage decile to the top decile. The marginal value of $1 of corporate cash holdings is $0.93 for the bottom analyst-coverage decile and $1.83 for the top decile. The positive effects remain robust after a battery of endogeneity checks. I also perform tests employing a unique dataset that consists of public and private firms, as well as a dataset that consists of public firms that have gone private. A public firm with analyst coverage can hold approximately 8% more cash than its private counterpart. These findings constitute new evidence on the real effect of analyst coverage.
ContributorsChang, Ching-Hung (Author) / Bates, Thomas (Thesis advisor) / Bharath, Sreedhar (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)
Created2012
Description
In rural and urban areas of Nigeria, dependence on groundwater is increasing since the population is growing and high quality, treated municipal water is scarce. Municipal drinking water is often compromised because of old and leaking distribution pipes. About 58% of the water consumed in Lagos State, Nigeria, comes from residential wells. However, a majority of residential wells are shallow wells that are constructed relatively close to septic tanks or pit latrines and are therefore subject to contamination. In certain parts of Africa, there is high potential of severe epidemic if water quality is not improved. With increasing reliance on groundwater, a need exists to monitor the quality of groundwater. This thesis develops a plan for a monitoring program for residential wells in Lagos State, Nigeria. The program focuses on ways by which owners can maintain reasonably good water quality, and on the role of government in implementing water quality requirements. In addition, this thesis describes a survey conducted in various areas of Lagos State to assess community awareness of the importance of groundwater quality and its impact on individuals and the community at large. The survey shows that 30% to 40% of the households have located their wells and septic tanks in the same general area. Various templates have been created to help the staff of a future monitoring program team to effectively gather information during site characterization. A "Questions and Answers" leaflet has been developed to educate citizens about the need for monitoring residential wells.
ContributorsTalabi, Omogbemiga Adepitan (Author) / Edwards, David (Thesis advisor) / Hild, Nicholas (Committee member) / Olson, Larry (Committee member) / Arizona State University (Publisher)
Created2010