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Theses

Essays on Financial Analysts

Abstract : Financial analysts play an important role in capital markets. Through the issuance of analysis reports, they facilitate the incorporation of costly private information into security prices, supporting the informational efficiency of financial markets. Thus, understanding their behavior has important implications for firms, investors, and policy makers. Despite decades of work, there are still many open questions regarding how financial analysts produce and how these reports are influenced by their working environment.In this dissertation, we attempt at contributing to the literature of analyst behavior and its effects on the capital market by addressing several new research questions. The first two papers of this thesis try to better understand the incentives behind the well-known analyst bias and identify new sources of bias. The third paper extends into an analysis of corporate governance and the role of financial analysts in alleviating information asymmetry.
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Submitted on : Thursday, April 8, 2021 - 4:43:26 PM
Last modification on : Friday, April 9, 2021 - 3:25:51 AM

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  • HAL Id : tel-03193289, version 1

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Hiep Manh Nguyen. Essays on Financial Analysts. Sociology. Université Panthéon-Sorbonne - Paris I, 2020. English. ⟨NNT : 2020PA01E004⟩. ⟨tel-03193289⟩

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