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Analyst expertise and the value of cash holdings
Abstract
This study investigates whether analyst expertise mitigates the value destruction associated with an increase in cash holdings. We find that analyst expertise increases the marginal value of cash holdings, and that this effect is more pronounced for firms in an environment where analysts’ forecasts are more dispersed and for firms with weaker monitoring from institutional shareholders. Overall, our results are consistent with our conjecture that analyst expertise enhances external monitoring, thereby preventing potential misuse of cash holdings and the associated destruction of cash value.
تحلیل کارشناسی و ارزش دارایی‌های نقدی
چکیده
ترجمه شده با 
- مقاله Finance
- ترجمه مقاله Finance
- مقاله مالی
- ترجمه مقاله مالی
- مقاله Accounting
- ترجمه مقاله Accounting
- مقاله حسابداری
- ترجمه مقاله حسابداری
- مقاله Business, Management and Accounting (miscellaneous)
- ترجمه مقاله Business, Management and Accounting (miscellaneous)
- مقاله تجارت، مدیریت و حسابداری (متفرقه)
- ترجمه مقاله تجارت، مدیریت و حسابداری (متفرقه)
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