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Analyst following, cost of equity capital, and the information environment: Evidence from the electric utility industry.

机译：分析人员追踪，股本成本和信息环境：来自电力行业的证据。

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摘要

This dissertation investigates the relations among changes in the information environment, the number of analysts following a company, and the cost of equity capital. Specifically, I examine the effect that deregulation in the electric utility industry has had on the number of analysts following investor-owned utilities and on utilities' cost of equity capital. Prior research provides evidence that after deregulation, the environment in which utilities operate has changed and documents an increase in risk and a decrease in voluntary disclosures for utilities. As researchers often use analyst following as a proxy for the informativeness of accounting information, my research provides evidence of changes in utilities' information environment. Overall, I find that after deregulation, there is a significant decrease in analyst following for both utilities and a control sample but the reduction is attenuated for utilities. This implies that, ceteris paribus, after deregulation, utilities experience a relative increase in analyst following. Furthermore, as analyst following is lower for utilities before deregulation, this results in similar analyst following after deregulation for utilities and the control sample. I also provide evidence that analysts act as substitutes for factors that increase certainty about firms, as I document a negative relation between the information environment and analyst following.; In addition, I find that after deregulation, there is a significant increase in cost of equity capital for the utility sample but the increase is not significant for a control group of firms, which implies that after deregulation and when controlling for overall market conditions, utilities experienced an increase in cost of equity capital. Finally, I do not find a significant change in cost of equity capital for utilities with higher analyst following. This thesis extends the existing research on analyst behavior by examining the effects of changes in the regulatory environment on analyst following and by providing additional insights into the role of analysts. In addition, this dissertation provides evidence about informational changes and their impact on cost of equity capital. Lastly, this paper provides further evidence that utilities are becoming more like unregulated companies.
机译：本文研究了信息环境变化，公司分析师人数以及股本成本之间的关系。具体而言，我研究了电力行业放松管制对跟随投资者拥有的公用事业的分析师人数以及公用事业的股本成本的影响。先前的研究提供了证据，表明放松管制之后，公用事业的经营环境已经改变，并证明了公用事业的风险增加和自愿披露的减少。由于研究人员经常使用分析师追踪作为会计信息翔实的代理，因此我的研究提供了公用事业信息环境变化的证据。总的来说，我发现放松管制后，公用事业和控制样本的分析师追随人数显着减少，但公用事业的减少却有所减弱。这意味着，在放松管制后，其他方面的效用在分析师追随性方面相对增加。此外，由于在放松管制之前公用事业的分析师追随率较低，因此在放松管制之后对公用事业和对照样本的分析师追随者也类似。我还提供了证据，表明我可以代替分析师来提高对公司的确定性，因为我记录了信息环境与分析师追随者之间的负面关系。此外，我发现放松管制后，公用事业样本的股本成本显着增加，但对于一组控制公司而言，增加并不显着，这意味着在放松管制之后以及在控制总体市场状况时，公用事业股本成本增加。最后，我发现效用较高的分析师对公用事业公司的股本成本没有重大变化。本文通过研究监管环境变化对分析师行为的影响，并通过提供对分析师角色的更多见解，扩展了对分析师行为的现有研究。另外，本文提供了信息变化及其对权益资本成本影响的证据。最后，本文提供了进一步的证据，证明公用事业正变得越来越像不受监管的公司。

著录项

  • 作者

    Willis, Veronda F.;

  • 作者单位

    University of Colorado at Boulder.;

  • 授予单位 University of Colorado at Boulder.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 2005
  • 页码 87 p.
  • 总页数 87
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;
  • 关键词

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