{"title":"产品市场的竞争会影响分析师报道的价值吗?来自新兴市场的证据","authors":"Omar Farooq, Fatimazahra Bendriouch, Harit Satt, Saad Archane","doi":"10.1108/rbf-08-2021-0148","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This paper aims to document the impact of product market competition on the value of analyst coverage.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>This paper uses variety of estimation techniques (panel regression as well as the quantile regression approaches) and the data for nonfinancial firms from India to document the impact of product market competition on the value of analyst coverage during the period between 2001 and 2018.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The findings show that the value of analyst coverage is an increasing function of product market competition. The authors argue that better information environment associated with firms operating in industries with high competition improves the quality of research done by analysts, thereby increasing the value of analyst coverage. The study results are consistent across different subsample and remain quantitatively the same when the authors use alternate estimation procedures.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>The paper provides evidence regarding the role played by product market competition – a publicly available measure – on the value of research produced by analysts within the context of emerging markets.</p><!--/ Abstract__block -->","PeriodicalId":44559,"journal":{"name":"Review of Behavioral Finance","volume":null,"pages":null},"PeriodicalIF":1.9000,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does competition in product markets affect the value of analyst coverage? Evidence from an emerging market\",\"authors\":\"Omar Farooq, Fatimazahra Bendriouch, Harit Satt, Saad Archane\",\"doi\":\"10.1108/rbf-08-2021-0148\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This paper aims to document the impact of product market competition on the value of analyst coverage.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>This paper uses variety of estimation techniques (panel regression as well as the quantile regression approaches) and the data for nonfinancial firms from India to document the impact of product market competition on the value of analyst coverage during the period between 2001 and 2018.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The findings show that the value of analyst coverage is an increasing function of product market competition. The authors argue that better information environment associated with firms operating in industries with high competition improves the quality of research done by analysts, thereby increasing the value of analyst coverage. The study results are consistent across different subsample and remain quantitatively the same when the authors use alternate estimation procedures.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>The paper provides evidence regarding the role played by product market competition – a publicly available measure – on the value of research produced by analysts within the context of emerging markets.</p><!--/ Abstract__block -->\",\"PeriodicalId\":44559,\"journal\":{\"name\":\"Review of Behavioral Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2022-01-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Behavioral Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/rbf-08-2021-0148\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Behavioral Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/rbf-08-2021-0148","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Does competition in product markets affect the value of analyst coverage? Evidence from an emerging market
Purpose
This paper aims to document the impact of product market competition on the value of analyst coverage.
Design/methodology/approach
This paper uses variety of estimation techniques (panel regression as well as the quantile regression approaches) and the data for nonfinancial firms from India to document the impact of product market competition on the value of analyst coverage during the period between 2001 and 2018.
Findings
The findings show that the value of analyst coverage is an increasing function of product market competition. The authors argue that better information environment associated with firms operating in industries with high competition improves the quality of research done by analysts, thereby increasing the value of analyst coverage. The study results are consistent across different subsample and remain quantitatively the same when the authors use alternate estimation procedures.
Originality/value
The paper provides evidence regarding the role played by product market competition – a publicly available measure – on the value of research produced by analysts within the context of emerging markets.
期刊介绍:
Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.