文章基本信息

标题：Analyst Coverage And The Diversification Discount
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作者：Ronald W. Best ; Charles W. Hodges ; Bing-Xuan Lin 等
期刊名称：Journal of Business & Economics Research
印刷版ISSN：1542-4448
电子版ISSN：2157-8893
出版年度：2011
卷号：1
期号：8
语种：English
出版社：The Clute Institute for Academic Research
摘要：We use financial analyst coverage as a measure of information asymmetry to examine excess firm values associated with single- and multi-segment firms. We explicitly examine whether differences in analyst coverage can explain the diversification discount. We find that information asymmetry plays a major role in the valuation of companies and explains a large portion of the diversification discount. However, a significant diversification discount remains after controlling for the effects of analyst coverage.