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dc.contributorUniversitat Ramon Llull. Esade
dc.contributor.authorPlatikanova, Petya
dc.date.accessioned2025-02-21T15:14:09Z
dc.date.available2025-02-21T15:14:09Z
dc.date.issued2023
dc.identifier.issn1035-6908ca
dc.identifier.urihttp://hdl.handle.net/20.500.14342/4985
dc.description.abstractI provide empirical evidence that labour market frictions have an adverse effect on the quality of analyst research. Using the staggered, voluntary adoption of the Protocol for Broker Recruiting (Protocol) since 2004, I show that, without non-compete agreements, financial analysts produce more accurate forecasts and exert greater efforts in updating their research more frequently. Consistent with the notion that information asymmetry in the capital market are lower in the post-Protocol period, I provide empirical evidence and argue that the research coverage by Protocol members enables managers to access capital and extend their investment opportunities. My findings suggest that analyst coverage by Protocol members has a favourable effect on investment in innovative projects, production capacity and acquisitions.ca
dc.format.extent25 p.ca
dc.language.isoengca
dc.publisherWiley-Blackwell Publishing Ltdca
dc.relation.ispartofAustralian Accounting Reviewca
dc.rights© L'autor/aca
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subject.otherBroker Recruitingca
dc.titleThe Real Effects of Analyst Research Quality: Evidence from the Adoption of the Broker Protocolca
dc.typeinfo:eu-repo/semantics/articleca
dc.rights.accessLevelinfo:eu-repo/semantics/openAccess
dc.embargo.termscapca
dc.identifier.doihttp://doi.org/10.1111/auar.12397ca
dc.description.versioninfo:eu-repo/semantics/publishedVersionca


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Except where otherwise noted, this item's license is described as http://creativecommons.org/licenses/by-nc-nd/4.0/
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