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

IF 1.9 Q2 BUSINESS, FINANCE Review of Behavioral Finance Pub Date : 2022-01-20 DOI:10.1108/rbf-08-2021-0148
Omar Farooq, Fatimazahra Bendriouch, Harit Satt, Saad Archane
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引用次数: 0

摘要

本文采用多种估算技术(面板回归和量化回归方法)和印度非金融企业的数据,记录 2001 年至 2018 年期间产品市场竞争对分析师覆盖价值的影响。研究结果研究结果表明,分析师覆盖价值是产品市场竞争的递增函数。作者认为,在竞争激烈的行业中经营的公司所处的信息环境较好,这提高了分析师的研究质量,从而增加了分析师报道的价值。在不同的子样本中,研究结果是一致的,而且当作者使用其他估算程序时,研究结果在数量上保持不变。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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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.

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来源期刊
Review of Behavioral Finance
Review of Behavioral Finance BUSINESS, FINANCE-
CiteScore
4.70
自引率
5.00%
发文量
44
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.
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