Managerial Ownership and Financial Analysts’ Information Environment

Sam Han · Justin Yiqiang Jin · Tony Kang · Gerald J. Lobo

33 citations0/0 files storedJournal of Business Finance &amp Accounting

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Corporate Finance and Governance Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

Abstract Despite the importance of sell‐side financial analysts as information intermediaries in the capital market, little is known about how managerial equity ownership is associated with their information environment. Using Barron, Kim, Lim and Stevens’ (1998) framework for measuring the precision of financial analysts’ information, we observe that managerial ownership is positively associated with the precision of financial analysts’ public (common) and private (idiosyncratic) information, largely consistent with the alignment view of managerial equity ownership. These results are robust to controlling for various economic and statistical factors that might affect the inference.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 1988Management ownership and market valuation 1985The Structure of Corporate Ownership: Causes and Consequences 1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders 2003Corporate Governance and Equity Prices 1985Positive Accounting Theory

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