Do Corporate Governance Analysts Matter? Evidence from the Expansion of Governance Analyst Coverage
利用英国的外生冲击，发现治理分析师覆盖增加会提升公司治理质量、改善股票流动性、吸引更多财务分析师关注并扩大投资者基础，表明治理分析师通过监督、信息传播和投资者认可为企业创造价值。
ABSTRACT T his paper examines the economic consequences of the initiation of governance analyst coverage. Governance analysts process, enhance, and disseminate governance‐related information to capital market participants via, for example, governance reports and ratings. Using an exogenous shock in the United Kingdom, I find that an increase in governance analyst coverage results in increased governance quality, improved liquidity, increased financial analyst following, and improved investor breadth. These findings are consistent with governance analysts creating value for firms via monitoring, information dissemination/production, and investor recognition.