Academic Activities
[Research]Managerial Ownership and Financial Analysts’ Information Environment
2014.04.05 Views 689 경영학연구분석센터
Journal of Business Finance and Accounting
Volume 41, Issue 3-4, April/May 2014, Pages 328–362
Sam Han, Justin Yiqiang Jin, Tony Kang, Gerald Lobo
http://onlinelibrary.wiley.com/doi/10.1111/jbfa.12070/full
Abstract
Despite the importance of sell-side financial analysts as information intermediaries in the capital market, little is known about how managerial equity ownership is associated with their information environment. Using Barron, Kim, Lim and Stevens’ (1998) framework for measuring the precision of financial analysts’ information, we observe that managerial ownership is positively associated with the precision of financial analysts’ public (common) and private (idiosyncratic) information, largely consistent with the alignment view of managerial equity ownership. These results are robust to controlling for various economic and statistical factors that might affect the inference.
Volume 41, Issue 3-4, April/May 2014, Pages 328–362
Sam Han, Justin Yiqiang Jin, Tony Kang, Gerald Lobo
http://onlinelibrary.wiley.com/doi/10.1111/jbfa.12070/full
Abstract
Despite the importance of sell-side financial analysts as information intermediaries in the capital market, little is known about how managerial equity ownership is associated with their information environment. Using Barron, Kim, Lim and Stevens’ (1998) framework for measuring the precision of financial analysts’ information, we observe that managerial ownership is positively associated with the precision of financial analysts’ public (common) and private (idiosyncratic) information, largely consistent with the alignment view of managerial equity ownership. These results are robust to controlling for various economic and statistical factors that might affect the inference.