利用
中介的
同侪效应
业务
点对点
会计
公司财务
财务
经济
计算机科学
心理学
计算机安全
社会心理学
分布式计算
作者
Armando Gomes,Radhakrishnan Gopalan,Mark T. Leary,Francisco Marcet
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2023-11-15
卷期号:70 (8): 5016-5039
被引量:8
标识
DOI:10.1287/mnsc.2023.4891
摘要
We use the setting of analyst coverage networks to shed light on the nature of peer effects in financial policies. First, we use the “friends-of-friends” approach and exploit the fact that analyst coverage networks partially overlap to identify endogenous peer effects, in which firms respond directly to the capital structure choices of their peers, separately from contextual effects, in which they respond to their peers’ characteristics. We further show evidence that analysts facilitate these peer effects through their role as informational intermediaries. Analyst network peer effects are distinct from industry peer effects and are more pronounced among peers connected by analysts that are more experienced and from more influential brokerage houses. Finally, the analyst peer effects become weaker after exogenous reductions in common coverage as a consequence of brokerage closures. This paper was accepted by Victoria Ivashina, finance. Funding: F. Marcet acknowledges funding from ANID/CONICYT Proyecto FONDECYT Iniciacion [Grant 11221187]. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4891 .
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