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dc.contributorSchool of Accounting and Financeen_US
dc.contributor.advisorTsang, Albert (AF)en_US
dc.creatorYoo, Jihye-
dc.publisherHong Kong Polytechnic Universityen_US
dc.rightsAll rights reserveden_US
dc.titleInformation externality of paid-for-analystsen_US
dcterms.abstractThe implementation of the Markets in Financial Instruments Directive II (MiFID II) in 2018 has increased demand for paid analysts' research service in Europe. In this research, using a hand-collected dataset of the paid analysts' research service in Europe and employing a difference-in-differences research design, I find that financial analysts tend to make more accurate earnings forecasts for non-paying firms in the same industry of their paying firms than non-paying firms in the different industry after they are appointed as paid-for-analysts by the paying firms for their service. I also find that relative to non-paying firms with a better information environment, non-paying firms with weaker information environments tend to exhibit a greater level of improvement in analyst earnings forecast accuracy after the appointment of the analysts for their research services. Similarly, I also find that paid-for­analysts tend to cover more non-paying firms in the same industry of their paying firms after their appointment of paid-for-analysts. Overall, the findings of this study are consistent with the conjecture that paid-for-analysts' greater level of access to paying firms' private information facilitates their earnings forecasts of non-paying firms.en_US
dcterms.extentvi, 42 pages : color illustrationsen_US
dcterms.isPartOfPolyU Electronic Thesesen_US
dcterms.educationalLevelAll Masteren_US
dcterms.LCSHFinancial instruments -- European Union countriesen_US
dcterms.LCSHInvestment analysisen_US
dcterms.LCSHHong Kong Polytechnic University -- Dissertationsen_US
dcterms.accessRightsopen accessen_US

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