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- Creators: Marine Biological Laboratory Archives
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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
![173947-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173947-Thumbnail%20Image.jpg?versionId=rIVEQXLhxzvrTslrDy5sEAY2JTz7q46O&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154321Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=04c0ab5b006e5e48d54c9aea8d0b6c73697fd300b9644ada79db914fa88dcd0b&itok=KPDxpo11)
ContributorsMarine Biological Laboratory Archives (Publisher) / Arizona Board of Regents (Publisher)
Created1935
![173950-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173950-Thumbnail%20Image.jpg?versionId=cNhmK4Zqd5fTavtLojyfQkfgdcXxpv6a&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154321Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=4921f244f1adbca7fe13f942a92964465b50c3a6dae45b62968edeaa0576e1ad&itok=SsI4nFec)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
Created1918
![173953-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173953-Thumbnail%20Image.jpg?versionId=9mXKA7DAltMGonFHExrT6Vti1nmiTxsL&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154321Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=dd37207e9004a6dcadcef8363de18deba830a55fdfee8a2d1e2eaae670cdc0d3&itok=8mTyY5XC)
ContributorsMarine Biological Laboratory Archives (Publisher)
![173957-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173957-Thumbnail%20Image.jpg?versionId=S0F2xUyFWHs10GrxXjEuIBvB0WXDCBC.&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154321Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=724e82c81a2c567a888ca9e583715b35d4bf13f237b511ca08b2228ecb2fc20a&itok=1H-ZE8Tc)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
Created1928
![173960-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173960-Thumbnail%20Image.jpg?versionId=YAQpE6.HCP43bTpdnuL8xnmyCQBLiZZT&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154322Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=bdb0a95d264069d500940e7544dff5b398abdaf7062c5633208887312fe180f1&itok=Fha_x0Mg)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
Created1918
![173963-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173963-Thumbnail%20Image.jpg?versionId=zTBlAYTLKkUwLSJpoKxfjmrAx7FuqQ9u&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240531/us-west-2/s3/aws4_request&X-Amz-Date=20240531T193556Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=aef33222fa3e4eff3ff2a6fb33d3a772278116f858fd831e2fb0443e477d7612&itok=9tRKIFND)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
![173966-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173966-Thumbnail%20Image.jpg?versionId=Hfp0KpHb9BOVxFQq73CB_pa6RASUvIZE&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154322Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=aac5b83a7130f8ae74fc907e808e6c3e6a1feb625da3cf552fa1edf9d7209fa2&itok=-juuTv-x)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
![173969-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173969-Thumbnail%20Image.jpg?versionId=Kkau3mdKk0WhbU1hRs4Tq4mZgLvGVgY_&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240530/us-west-2/s3/aws4_request&X-Amz-Date=20240530T154322Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=23feb98fa78e23b12e8a042a51ced1826139155a535b107c7652aa4940815aa2&itok=VEWyeAVh)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
![173972-Thumbnail Image.jpg](https://d1rbsgppyrdqq4.cloudfront.net/s3fs-public/styles/width_400/public/2023-04/173972-Thumbnail%20Image.jpg?versionId=o1bdykqpxF6NNcOrWS.gaNo7mqGbcJqz&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIASBVQ3ZQ42ZLA5CUJ/20240531/us-west-2/s3/aws4_request&X-Amz-Date=20240531T193556Z&X-Amz-SignedHeaders=host&X-Amz-Expires=120&X-Amz-Signature=f5c8790117cf5a68546b96282335b854bc10e6cb2b9039ba386138fa535fa02c&itok=74_7dqiD)
ContributorsHuettner, Alfred F. (Alfred Francis), b. 1884 (Creator) / Marine Biological Laboratory Archives (Publisher)
Created1922