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Family firms and financial analyst activity

Abstract : This paper examines the relationship between ownership structure, analyst coverage, and forecast error for the entire population of non-financial companies listed on the Swiss Exchange for the period 2003–2013. The results show a negative association between concentrated ownership and analyst coverage for both family firms and firms held by a nonfamily blockholder. Furthermore, analysts' forecasts are shown to be more accurate for family firms than for other firms, suggesting a better information environment within these companies. This situation can be explained by a better alignment of interests between majority and minority shareholders among family firms.
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https://hal.archives-ouvertes.fr/hal-02511075
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Submitted on : Wednesday, March 18, 2020 - 2:44:42 PM
Last modification on : Thursday, March 19, 2020 - 1:33:23 AM

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Nicolas Eugster. Family firms and financial analyst activity. Pacific-Basin Finance Journal, Elsevier, 2019, 57, pp.101005. ⟨10.1016/j.pacfin.2018.03.002⟩. ⟨hal-02511075⟩

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