Analyst following and count-data econometrics

• 成果类型: Article
• 署名作者: Rock, S; Sedo, S; Willenborg, M
• 署名单位: University of Connecticut; University of Colorado System; University of Colorado Boulder; University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/S0165-4101(01)00012-X
• 发表日期: 2000
• 关键词: empirical-evidence; data models; disclosure; tests

摘要

This paper reexamines the determinants of the number of analysts following a firm using econometric models based on count distributions. We replicate Bhushan's (1989) analyst-following study to demonstrate the effects of using count-data econometrics, in lieu of OLS, in studying phenomena where the dependent variable ranges among nonnegative integers. In contrast with the original paper, our findings indicate the number of institutional investors is inversely related with analyst following. We also provide econometric evidence to support the preferred use of the negative binomial model in estimating cross-sectional, analyst-following regressions. (C) 2001 Elsevier Science B.V. All rights reserved.