Investment and access to external finance in Europe: Does analyst coverage matter?
Aurélien Leroy and
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Aurélien Leroy: BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique
Anne-Gaël Vaubourg: CRIEF - Centre de recherche sur l'intégration économique et financière - Université de Poitiers
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We aim to determine whether analyst coverage improves European firms' access to capital markets and investment. Based on a data set that includes firms from several European countries between 2000 and 2015, we implement a treatment effect framework and an instrumental variables (IV) approach, in which the intensity of industry-level waves in coverage is used as an instrument for firm-level coverage. We show that analyst coverage is favorable to firms' debt and share issuance and their investment expenses. Our paper emphasizes the key role of financial analysts in improving European firms' financial conditions
Keywords: investment; debt issuance; share issuance; analyst; coverage (search for similar items in EconPapers)
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Published in International Review of Financial Analysis, 2022, 81, pp.102108. ⟨10.1016/j.irfa.2022.102108⟩
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Journal Article: Investment and access to external finance in Europe: Does analyst coverage matter? (2022)
Working Paper: Investment and access to external finance in Europe: Does analyst coverage matter? (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03621537
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