Analyst expertise and the value of cash holdings
研究发现分析师专长能提升现金持有的边际价值，尤其在预测分歧大或机构监督弱的企业中效果更明显，表明分析师通过外部监督防止现金滥用。
Abstract This study investigates whether analyst expertise mitigates the value destruction associated with an increase in cash holdings. We find that analyst expertise increases the marginal value of cash holdings, and that this effect is more pronounced for firms in an environment where analysts’ forecasts are more dispersed and for firms with weaker monitoring from institutional shareholders. Overall, our results are consistent with our conjecture that analyst expertise enhances external monitoring, thereby preventing potential misuse of cash holdings and the associated destruction of cash value.