This paper examines firm-level valuations by financial analysts and by the market, using a
traditional vector error-correction model (VECM) or threshold vector error-correction model …

We study the causal effects of analyst coverage on corporate investment and financing
policies. We hypothesize that a decrease in analyst coverage increases information …

In the banking literature, cash holdings have often been presumed to lessen bank opacity,
despite inconclusive empirical evidence and attendant agency risks. The present paper …