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

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Date

2022

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Type de document
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HAL-SHS : économie et finance

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Archives ouvertes

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Centre pour la communication scientifique directe

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info:eu-repo/semantics/OpenAccess

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Funds Funding Finance, commerce, confiscations, etc

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Sébastien Galanti et al., « Investment and access to external finance in Europe: Does analyst coverage matter? », HAL-SHS : économie et finance, ID : 10670/1.a8qnex

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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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