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See detailThe effect of risk disclosure on analyst following
Derouiche, Imen UL; Muessig, Anke UL; Weber, Véronique UL

in European Journal of Finance (2020), 26(14), 1355-1376

Prior research shows that financial analysts play an important information intermediary role in France. This study extends earlier research to examine the effect of risk disclosure on the number of ... [more ▼]

Prior research shows that financial analysts play an important information intermediary role in France. This study extends earlier research to examine the effect of risk disclosure on the number of analysts following listed firms. Using a unique dataset of French firms on the 120 SBF index over 2007−2015, the results show a positive and significant relation between risk disclosure and analyst following, suggesting that firms having greater risk disclosure attract more financial analysts. These findings provide empirical support to the argument that analysts incur lower costs of information gathering in firms with greater risk disclosure. The demand for analyst services is also more valuable in these firms, given their potentially high exposure to risks, implying greater analyst following. Overall, our results are in line with prior literature highlighting that analysts’ activities complement annual report disclosures and, generally, corporate disclosures. [less ▲]

Detailed reference viewed: 82 (12 UL)
Full Text
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See detailRisk disclosure and analyst following: a study of French listed firms
Derouiche, Imen UL; Muessig, Anke UL; Weber, Véronique UL

in European Journal of Finance (2020), 26(14), 1355-1376

Prior research shows that financial analysts play an important information intermediary role in France. This study extends earlier research to examine the effect of risk disclosure on the number of ... [more ▼]

Prior research shows that financial analysts play an important information intermediary role in France. This study extends earlier research to examine the effect of risk disclosure on the number of analysts following listed firms. Using a unique dataset of French firms on the 120 SBF index over 2007−2015, the results show a positive and significant relation between risk disclosure and analyst following, suggesting that firms having greater risk disclosure attract more financial analysts. These findings provide empirical support to the argument that analysts incur lower costs of information gathering in firms with greater risk disclosure. The demand for analyst services is also more valuable in these firms, given their potentially high exposure to risks, implying greater analyst following. Overall, our results are in line with prior literature highlighting that analysts’ activities complement annual report disclosures and, generally, corporate disclosures. [less ▲]

Detailed reference viewed: 133 (26 UL)
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See detailMedia, sentiment and market performance in the long run.
Kräussl, Roman UL; Mirgorodskaya, Elizaveta

in European Journal of Finance (2017), 23(11)

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See detailEffectiveness of independent boards of UCITS funds
Hazenberg, Jan UL; Terink, Edwin

in European Journal of Finance (2015)

Detailed reference viewed: 128 (2 UL)