Family firms and financial analyst activity

Nicolas Eugster

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Abstract: This paper examines the relationship between ownership structure, analyst coverage, and forecast error for the entire population of non-financial companies listed on the Swiss Exchange for the period 2003–2013. The results show a negative association between concentrated ownership and analyst coverage for both family firms and firms held by a nonfamily blockholder. Furthermore, analysts' forecasts are shown to be more accurate for family firms than for other firms, suggesting a better information environment within these companies. This situation can be explained by a better alignment of interests between majority and minority shareholders among family firms.

Date: 2019-10
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Citations: View citations in EconPapers (3)

Published in Pacific-Basin Finance Journal, 2019, 57, pp.101005. ⟨10.1016/j.pacfin.2018.03.002⟩

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Journal Article: Family firms and financial analyst activity (2019)
Working Paper: Family firms and financial analyst activity (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02511075

DOI: 10.1016/j.pacfin.2018.03.002

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