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dc.contributor.authorCharitou, Andreasen
dc.contributor.authorKaramanou, Ireneen
dc.contributor.authorLambertides, Neophytosen
dc.creatorCharitou, Andreasen
dc.creatorKaramanou, Ireneen
dc.creatorLambertides, Neophytosen
dc.date.accessioned2021-01-25T08:37:13Z
dc.date.available2021-01-25T08:37:13Z
dc.date.issued2019
dc.identifier.issn0929-1199
dc.identifier.urihttp://gnosis.library.ucy.ac.cy/handle/7/62781
dc.description.abstractIn this study we use the SEC's decision to eliminate the reconciliation requirement for cross-listed companies to examine whether this loss of information prompted financial analysts to provide more informative research reports. We first document that the informativeness of analyst earnings forecasts increased, on average, in the post-regulation period for the sample of firms that stopped providing the reconciliation information (regulated firms). We next relate this change in informativeness to stock liquidity, a common proxy for information asymmetry. We do not find any change in market liquidity for regulated firms with greater analyst informativeness in the post-regulation period. In contrast, we document a decrease in market liquidity for regulated firms with lower analyst informativeness. These results support the conjecture that, when analysts compensate for the loss of information, the firm's information environment is not affected. We conclude that analysts can play an important role in capital markets as information providers and that their research can be especially valuable in times of information shortage.en
dc.language.isoenen
dc.sourceJournal of Corporate Financeen
dc.source.urihttp://www.sciencedirect.com/science/article/pii/S0929119918302918
dc.titleAnalysts to the rescue?en
dc.typeinfo:eu-repo/semantics/article
dc.identifier.doi10.1016/j.jcorpfin.2019.01.005
dc.description.volume56
dc.description.startingpage108
dc.description.endingpage128
dc.author.facultyΣχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management
dc.author.departmentΤμήμα Λογιστικής και Χρηματοοικονομικής / Department of Accounting and Finance
dc.type.uhtypeArticleen
dc.source.abbreviationJournal of Corporate Financeen
dc.contributor.orcidCharitou, Andreas [0000-0003-1080-9121]
dc.gnosis.orcid0000-0003-1080-9121


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