THE EFFECTS OF ANALYST FORECAST PROPERTIES AND COUNTRY‐LEVEL INSTITUTIONS ON THE COST OF DEBT
研究了分析师预测特征如何影响国际市场中债务融资成本，发现分析师能降低债券利差，且在制度薄弱国家中这一作用更强。
Abstract We investigate the link between analyst forecast characteristics and the cost of debt financing in international markets, and the influence of country‐level institutions. Using a sample of 3,768 bond issues from 42 non‐U.S. countries from 1996 to 2014, we find statistically and economically significant evidence that analysts lower bond yield spreads. Furthermore, this relation is stronger in firms operating in countries with weak institutions governing property rights, creditor protection, and disclosure standards. Overall, our findings imply that financial analysts play an important role as information intermediaries, and show that this relation is especially important in countries with weak institutional environments.