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Three essays on the impact of analys...

Premti, Arjan.

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Three essays on the impact of analyst recommendations in the banking industry.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three essays on the impact of analyst recommendations in the banking industry./
作者:	Premti, Arjan.
面頁冊數:	322 p.
附註:	Source: Dissertation Abstracts International, Volume: 75-09(E), Section: A.
Contained By:	Dissertation Abstracts International75-09A(E).
標題:	Business Administration, Banking. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3584933
ISBN:	9781303979095

Three essays on the impact of analyst recommendations in the banking industry.
Premti, Arjan.

Three essays on the impact of analyst recommendations in the banking industry. - 322 p.

Source: Dissertation Abstracts International, Volume: 75-09(E), Section: A.

Thesis (Ph.D.)--Florida Atlantic University, 2014.

This item must not be sold to any third party vendors.

By analyzing the information provided by analyst recommendations in the banking industry, I find that analyst recommendations trigger an immediate impact on the value of banks (Essay 1), they profitably guide the investment decisions of investors for periods of up to three months (Essay 2), and they also have an immediate impact on the values of rival banks (Essay 3). In addition, I find that analysts' ability to provide new information depends on the information environment of the bank. The degree of information asymmetry, the degree of complexity, the risk of the bank, the risk of the time period, as well as regulatory reforms that affect these characteristics, have a significant impact on the analyst's ability to provide new information to the investors.

ISBN: 9781303979095Subjects--Topical Terms:

1018458
Business Administration, Banking.

Three essays on the impact of analyst recommendations in the banking industry.
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500 $a Adviser: Jeff Madura.
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506 $a This item must not be added to any third party search indexes.
520 $a By analyzing the information provided by analyst recommendations in the banking industry, I find that analyst recommendations trigger an immediate impact on the value of banks (Essay 1), they profitably guide the investment decisions of investors for periods of up to three months (Essay 2), and they also have an immediate impact on the values of rival banks (Essay 3). In addition, I find that analysts' ability to provide new information depends on the information environment of the bank. The degree of information asymmetry, the degree of complexity, the risk of the bank, the risk of the time period, as well as regulatory reforms that affect these characteristics, have a significant impact on the analyst's ability to provide new information to the investors.
520 $a Specifically, I find that analyst recommendations are more informative when banks suffer from a high degree of information asymmetry. In addition, regulatory reforms that reduced the information asymmetry of the banking industry also diminished the analyst's ability to provide new information. Similarly, I find that analyst recommendations have a greater impact on the values of the rated and the rival banks when these banks operate in a risky environment. This result is robust to several measures of bank risk, period risk, and regulatory events that affected the risk of the banking industry. However, the results of Essay 2 show that positive recommendations that occur during riskier periods or after regulatory events that increased the risk of the banking industry result in lower value for the investors over the following 1-month or 3-month periods. Lastly, I find that as banks become more complex, analyst recommendations have a smaller immediate impact on the value of the bank, deliver a smaller investment value for the investors, and also have a smaller immediate impact on the value of the rival banks.
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