An Examination of the Listing of Analyst Coverage on Corporate Websites
研究了公司是否在投资者关系网站上列出卖方分析师覆盖名单，发现分析师作为信息中介越重要、公司越直接管理网站时越可能列出，且分析师活跃度、好评度和声誉影响其被列入的概率。
ABSTRACT We examine firm decisions to provide listings of sell-side analyst coverage on corporate investor relations (IR) websites. These listings are related to three major areas of financial research—voluntary disclosure, investor relations, and analysts. Our hand-collected data permit cross-sectional and time-series analyses. Firms are more likely to have such listings when analysts are more important information intermediaries and when firms are directly involved in managing their IR websites. For firms with listings, the probability of an analyst being included on the listing is increasing in firm awareness of and familiarity with the analyst, how active and favorable the analyst is, and the analyst’s reputation. Additional analysis indicates similar results across self-hosting versus third-party hosting IR websites, with a notable exception that self-hosting firms exhibit a stronger preference for analysts who issue more favorable research about the firm. Decisions to add or drop analysts from listings reinforce the main results. Data Availability: Data are available from public sources identified in the text. JEL Classifications: G17; G24; M41.