1,720,959 research outputs found
Effets du suivi des entreprises cotées en bourse par les analystes financiers : une revue de littérature
No full textThe amount of information available in the financial markets is vast and cannot be interpreted by every investor. Financial analysts collect, analyse and publish reports and recommendations on listed companies.
The impact of financial analysts' coverage of listed companies has been extensively discussed in several markets. The literature has focused on the informational value of financial analysts' reports for both investors and the companies they cover.
Various studies (Barber et al., 2001; Bellando et al., 2016; Kecskés et al., 2016; Moshirian et al., 2009; D. B. Vukovic et al., 20-21; Womack, 1996) have found that financial analysts' publications are valuable in the eyes of investors and help to guide investment decisions.
For the listed company, coverage and monitoring by financial analysts could have a number of positive effects that could help improve its liquidity and even its survival on the stock market.
According to the literature, financial analysts' reports reduce information asymmetries both between the monitored company and investors and between different categories of investors. They reduce agency costs between majority and minority shareholders. Their publication would also improve the informational efficiency of the market.
In this article, we attempt to provide a narrative literature review of the main studies that have highlighted the impact of financial analysts' coverage and monitoring of firms. We focus on the value of coverage to the firm rather than to investors.
Keywords: Analyst coverage, informative content, recommendations, efficient market hypothesis, information asymmetry.
JEL Classification : G14
Paper type: Theoretical Research Le flot d'informations disponibles sur les marchés financiers est abondant et ne peut être interprété par tout investisseur. Les analystes financiers collectent, analysent et publient des rapports et recommandations sur des entreprises cotées.
L’impact de la couverture des entreprises cotées par les analystes financiers a été longuement traité, et ce sur plusieurs marchés. La littérature s’est intéressée à la valeur informationnelle des rapports des analystes financiers aussi bien pour les investisseurs que pour l’entreprise suivie.
Différentes études (Barber et al., 2001; Bellando et al., 2016; Kecskés et al., 2016; Moshirian et al., 2009; D. B. Vukovic et al., 2021; Womack, 1996) ont pu relever que les publications des analystes financiers avaient de la valeur aux yeux des investisseurs et permettent d’orienter la décision d’investissement.
Pour l’entreprise cotée, la couverture et le suivi par les analystes financiers pourraient avoir un certain nombre d’effets positifs qui peuvent concourir à l’amélioration de sa liquidité et voire même sa pérennité sur le marché boursier.
La littérature stipule que les rapports des analystes financiers permettraient de réduire les asymétries d’informations aussi bien entre l’entreprise suivie et les investisseurs qu’entre les différentes catégories des investisseurs. Ils permettraient de réduire les coûts d’agence entre actionnaires majoritaires et minoritaires. Leurs publications seraient également capables d’améliorer l’efficience informationnelle du marché.
Dans cet article, nous essayerons de dresser une revue de littérature narrative des principaux travaux qui ont mis en exergue les impacts de la couverture et le suivi des entreprises par les analystes financiers. Nous nous focalisons sur la valeur de la couverture pour l’entreprise plutôt qu’aux yeux des investisseurs.
Mots clés : Analystes financiers, recommandations, asymétrie d’information, liquidité, efficience informationnelle.
Classification JEL: G14
Type de l’article : Recherche théorique
Can Personality Traits, Risk Attitude, and Demographics Explain Fund Managers’ Disposition Effect?
Get PDFThis paper focuses on the extent to which personality traits, risk attitude, and demographics explain holding losses and cutting gains using survey data collected among equity and bond fund managers. For this purpose, cross-sectional multiple regressions were conducted. This paper argues that holding losses and cutting gains are two independent biases, rather than two sides of the disposition effect. The results show a significant effect of extraversion, openness, risk-taking, professional experience, and university degree on holding losses, and a significant effect of risk perception and gender on cutting gains. This paper contributes to few studies on personality traits and behavioral biases of professional investors, and it may have important practical implications in fund management companies
Effets du suivi des entreprises cotées en bourse par les analystes financiers : une revue de littérature
No full textThe amount of information available in the financial markets is vast and cannot be interpreted by every investor. Financial analysts collect, analyse and publish reports and recommendations on listed companies.
The impact of financial analysts' coverage of listed companies has been extensively discussed in several markets. The literature has focused on the informational value of financial analysts' reports for both investors and the companies they cover.
Various studies (Barber et al., 2001; Bellando et al., 2016; Kecskés et al., 2016; Moshirian et al., 2009; D. B. Vukovic et al., 20-21; Womack, 1996) have found that financial analysts' publications are valuable in the eyes of investors and help to guide investment decisions.
For the listed company, coverage and monitoring by financial analysts could have a number of positive effects that could help improve its liquidity and even its survival on the stock market.
According to the literature, financial analysts' reports reduce information asymmetries both between the monitored company and investors and between different categories of investors. They reduce agency costs between majority and minority shareholders. Their publication would also improve the informational efficiency of the market.
In this article, we attempt to provide a narrative literature review of the main studies that have highlighted the impact of financial analysts' coverage and monitoring of firms. We focus on the value of coverage to the firm rather than to investors.
Keywords: Analyst coverage, informative content, recommendations, efficient market hypothesis, information asymmetry.
JEL Classification : G14
Paper type: Theoretical Research Le flot d'informations disponibles sur les marchés financiers est abondant et ne peut être interprété par tout investisseur. Les analystes financiers collectent, analysent et publient des rapports et recommandations sur des entreprises cotées.
L’impact de la couverture des entreprises cotées par les analystes financiers a été longuement traité, et ce sur plusieurs marchés. La littérature s’est intéressée à la valeur informationnelle des rapports des analystes financiers aussi bien pour les investisseurs que pour l’entreprise suivie.
Différentes études (Barber et al., 2001; Bellando et al., 2016; Kecskés et al., 2016; Moshirian et al., 2009; D. B. Vukovic et al., 2021; Womack, 1996) ont pu relever que les publications des analystes financiers avaient de la valeur aux yeux des investisseurs et permettent d’orienter la décision d’investissement.
Pour l’entreprise cotée, la couverture et le suivi par les analystes financiers pourraient avoir un certain nombre d’effets positifs qui peuvent concourir à l’amélioration de sa liquidité et voire même sa pérennité sur le marché boursier.
La littérature stipule que les rapports des analystes financiers permettraient de réduire les asymétries d’informations aussi bien entre l’entreprise suivie et les investisseurs qu’entre les différentes catégories des investisseurs. Ils permettraient de réduire les coûts d’agence entre actionnaires majoritaires et minoritaires. Leurs publications seraient également capables d’améliorer l’efficience informationnelle du marché.
Dans cet article, nous essayerons de dresser une revue de littérature narrative des principaux travaux qui ont mis en exergue les impacts de la couverture et le suivi des entreprises par les analystes financiers. Nous nous focalisons sur la valeur de la couverture pour l’entreprise plutôt qu’aux yeux des investisseurs.
Mots clés : Analystes financiers, recommandations, asymétrie d’information, liquidité, efficience informationnelle.
Classification JEL: G14
Type de l’article : Recherche théorique
Profit Persistence: is There A Conglomerate Effect? The Case of Banking and Insurance in Morocco
Get PDFThis paper analyses profit persistence and its determinants in Morocco's banking and insurance sectors. The solid and increasing interdependencies between both actors are becoming a matter of concern for the regulatory authorities, as they threaten the country's financial stability. Using both static and dynamic hypotheses of the competitive environment model, we study the determinants of profit persistence in eight banks and eight insurance companies for 13 years, using a random-effects panel data model. While previous articles studied banks and insurers separately, we fill the gap in the literature by exploring the profit persistence as a result of their increasing capitalistic interdependence. Our results show a very low-profit persistence level, which signals a competitive financial sector. The main determinants of this profit persistence are diversification, efficiency, size, solvency, risk, and entry barriers. However, we find no evidence of any conglomerate effect, eliminating any synergy premium through cross participation between banks and insurance companies
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Effets du suivi des entreprises cotées en bourse par les analystes financiers : une revue de littérature
No full textThe amount of information available in the financial markets is vast and cannot be interpreted by every investor. Financial analysts collect, analyse and publish reports and recommendations on listed companies.
The impact of financial analysts' coverage of listed companies has been extensively discussed in several markets. The literature has focused on the informational value of financial analysts' reports for both investors and the companies they cover.
Various studies (Barber et al., 2001; Bellando et al., 2016; Kecskés et al., 2016; Moshirian et al., 2009; D. B. Vukovic et al., 20-21; Womack, 1996) have found that financial analysts' publications are valuable in the eyes of investors and help to guide investment decisions.
For the listed company, coverage and monitoring by financial analysts could have a number of positive effects that could help improve its liquidity and even its survival on the stock market.
According to the literature, financial analysts' reports reduce information asymmetries both between the monitored company and investors and between different categories of investors. They reduce agency costs between majority and minority shareholders. Their publication would also improve the informational efficiency of the market.
In this article, we attempt to provide a narrative literature review of the main studies that have highlighted the impact of financial analysts' coverage and monitoring of firms. We focus on the value of coverage to the firm rather than to investors.
Keywords: Analyst coverage, informative content, recommendations, efficient market hypothesis, information asymmetry.
JEL Classification : G14
Paper type: Theoretical Research Le flot d'informations disponibles sur les marchés financiers est abondant et ne peut être interprété par tout investisseur. Les analystes financiers collectent, analysent et publient des rapports et recommandations sur des entreprises cotées.
L’impact de la couverture des entreprises cotées par les analystes financiers a été longuement traité, et ce sur plusieurs marchés. La littérature s’est intéressée à la valeur informationnelle des rapports des analystes financiers aussi bien pour les investisseurs que pour l’entreprise suivie.
Différentes études (Barber et al., 2001; Bellando et al., 2016; Kecskés et al., 2016; Moshirian et al., 2009; D. B. Vukovic et al., 2021; Womack, 1996) ont pu relever que les publications des analystes financiers avaient de la valeur aux yeux des investisseurs et permettent d’orienter la décision d’investissement.
Pour l’entreprise cotée, la couverture et le suivi par les analystes financiers pourraient avoir un certain nombre d’effets positifs qui peuvent concourir à l’amélioration de sa liquidité et voire même sa pérennité sur le marché boursier.
La littérature stipule que les rapports des analystes financiers permettraient de réduire les asymétries d’informations aussi bien entre l’entreprise suivie et les investisseurs qu’entre les différentes catégories des investisseurs. Ils permettraient de réduire les coûts d’agence entre actionnaires majoritaires et minoritaires. Leurs publications seraient également capables d’améliorer l’efficience informationnelle du marché.
Dans cet article, nous essayerons de dresser une revue de littérature narrative des principaux travaux qui ont mis en exergue les impacts de la couverture et le suivi des entreprises par les analystes financiers. Nous nous focalisons sur la valeur de la couverture pour l’entreprise plutôt qu’aux yeux des investisseurs.
Mots clés : Analystes financiers, recommandations, asymétrie d’information, liquidité, efficience informationnelle.
Classification JEL: G14
Type de l’article : Recherche théorique
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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