Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | School of Accounting and Finance | en_US |
| dc.contributor.advisor | Tsang, Albert (AF) | en_US |
| dc.creator | Yoo, Jihye | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/11319 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Information externality of paid-for-analysts | en_US |
| dcterms.abstract | The 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.extent | vi, 42 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2021 | en_US |
| dcterms.educationalLevel | M.Phil. | en_US |
| dcterms.educationalLevel | All Master | en_US |
| dcterms.LCSH | Financial instruments -- European Union countries | en_US |
| dcterms.LCSH | Investment analysis | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | open access | en_US |
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