LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD
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Kent State University / OhioLINK
2015
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| Online Access: | http://rave.ohiolink.edu/etdc/view?acc_num=kent1438005872 |
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ndltd-OhioLink-oai-etd.ohiolink.edu-kent14380058722021-08-03T06:32:07Z LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD CHEN, MIN Accounting Analyst coverage Company performance Investor recognition Corporate investment and financing This dissertation examines how analysts add value to companies in the context of loss and regaining of analyst coverage. It comprises of two essays. The first essay extends Mola, Rau and Khorana (MRK 2013) U.S. study, which examines effects of loss of earnings forecasts. This essay contributes to the literature by extending MRK article through testing the effect of loss of analysts' stock recommendations, loss of both earnings forecasts and stock recommendations and subsequent regaining of analyst coverage after the losses. The motivation and contribution of Essay II are fixated on extending Essay I in a global setting that examines whether the U.S. findings on loss and regaining of analyst coverage are robust in an international setting comprised of 84 countries. It further partitions the global setting into strong and weak investor protection countries and investigates whether the findings differ across these two regimes. Essay I shows that companies experience significant deterioration in investor interest after loss of analyst coverage (i.e. loss of stock recommendations, loss of earnings forecasts, or loss of both earnings forecasts and stock recommendations) in the U.S. However, the companies do not deteriorate in performance after the loss of analyst coverage. The results tend to be consistent with MRK findings on complete loss of analysts' earnings forecasts. Subsequent to the loss of analyst coverage, companies that successfully regain analyst coverage have better performance and greater investor interest than companies that fail to regain analyst coverage. Essay II finds that U.S. results are robust in the global context, specifically, companies experience significant deterioration in both investor interest and company performance after complete loss of analyst coverage. This finding may be caused by fewer regulations in other countries compared to recent regulations on analysts in the U.S. 2015-07-27 English text Kent State University / OhioLINK http://rave.ohiolink.edu/etdc/view?acc_num=kent1438005872 http://rave.ohiolink.edu/etdc/view?acc_num=kent1438005872 unrestricted This thesis or dissertation is protected by copyright: all rights reserved. It may not be copied or redistributed beyond the terms of applicable copyright laws. |
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NDLTD |
| language |
English |
| sources |
NDLTD |
| topic |
Accounting Analyst coverage Company performance Investor recognition Corporate investment and financing |
| spellingShingle |
Accounting Analyst coverage Company performance Investor recognition Corporate investment and financing CHEN, MIN LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD |
| author |
CHEN, MIN |
| author_facet |
CHEN, MIN |
| author_sort |
CHEN, MIN |
| title |
LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD |
| title_short |
LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD |
| title_full |
LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD |
| title_fullStr |
LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD |
| title_full_unstemmed |
LOSS OF ANALYST COVERAGE IN THE U.S. AND AROUND THE WORLD |
| title_sort |
loss of analyst coverage in the u.s. and around the world |
| publisher |
Kent State University / OhioLINK |
| publishDate |
2015 |
| url |
http://rave.ohiolink.edu/etdc/view?acc_num=kent1438005872 |
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AT chenmin lossofanalystcoverageintheusandaroundtheworld |
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