Reference : Risk disclosure and analyst following: a study of French listed firms
Scientific congresses, symposiums and conference proceedings : Unpublished conference
Business & economic sciences : Accounting & auditing
Finance
http://hdl.handle.net/10993/36967
Risk disclosure and analyst following: a study of French listed firms
English
Derouiche, Imen mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA) >]
Muessig, Anke mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA) >]
Weber, Véronique mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA) >]
Sep-2018
Yes
International
8 th European Risk Conference
from 20-09-2018 to 21-09-2018
European Risk Reserach Network (ERRN)
KATOWICE
POLAND
[en] Textual analysis, ; Risk disclosure ; Financial analysts
[en] In this study, we analyse the association between risk disclosure and analyst following for a sample of non-financial French listed firms from 2007 to 2015. We identify the number of sentences, the risk words, the risk related sentences, and the risk factors as risk disclosure quantity. Company-specific risk factors, industry-specific risk factors, numeric intensity, the degree of similarity, and the degree of boilerplate measure risk disclosure quality. On the aggregated level, the quantity of risk information provided is not significantly associated with analyst following. For the quality, results show that the quality of risk disclosure is an important determinant of analysts’ decision to follow a firm. The higher the quality, expressed as less similar language and more revised information, the more likely it is that analysts follow the firm. From a theoretical perspective, this suggests that analysts are information intermediaries and not information providers. On the non-aggregated level, for the individual quantity measures, the results are ambiguous. For the individual quality measures, results on the aggregated level are confirmed.
http://hdl.handle.net/10993/36967

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