Security Analyst Monitoring Activity: Agency Costs and Information Demands
研究证券分析师监控活动的决定因素，发现分析师监控能有效降低债务和股权的代理成本，并满足投资者的信息需求。
This paper explores the determinants of monitoring activity provided by security analysts. Jensen and Meckling have argued that analysts play the role of monitors of managerial performance as a means of reducing agency costs of debt and equity. The other major role analysts play is that of making security markets more informationally efficient. The empirical results reported in this paper support the role of analyst monitoring as an efficient device for controlling agency-related costs of debt and equity and as a response to the information demands of investors.