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Pré-publication, Document de travail Année : 2022

Investment and access to external finance in Europe: Does analyst coverage matter?

Résumé

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 estimate 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.
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Dates et versions

hal-03900604, version 1 (15-12-2022)

Identifiants

  • HAL Id : hal-03900604 , version 1

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Sébastien Galanti, Aurélien Leroy, Anne-Gaël Vaubourg. Investment and access to external finance in Europe: Does analyst coverage matter?. 2022. ⟨hal-03900604⟩
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Dernière date de mise à jour le 05/05/2024
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