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dc.creatorFerrer Zubiate, Elenaes_ES
dc.creatorSantamaría Aquilué, Rafaeles_ES
dc.creatorSuárez Suárez, Nuriaes_ES
dc.description.abstractWe examine the contribution of analyst forecasting accuracy in reducing the average total cost of debt to firms. Our results reinforce the importance of analyst accuracy as a mechanism for reducing information asymmetries in the market, which is important to increase firms' access to available investment funding. A significant level of institutional and bank-held ownership serves as a substitution mechanism which mitigates the capacity of analyst accuracy to reduce information risk. External governance mechanisms also moderate the role played by analyst accuracy in the reduction of the cost of corporate debt. Our empirical findings are robust to different model specifications including the potential effect of the legal origin, to the consideration of an alternative proxy for the total cost of debt, to the inclusion of additional analyst-characteristics and stock-level characteristics.en
dc.description.sponsorshipElena Ferrer is grateful to the Spanish Ministry of Economy and Competitiveness, Project ECO2016-77631-R and Fundacion Bancaria Caja Navarra. Nuria Suárez acknowledges financial support from the Spanish Ministry of Economy and Competitiveness, Project ECO2016-79693-P, and the Comunidad de Madrid Project S2015/HUM-3353.en
dc.format.extent41 p.
dc.relation.ispartofInternational Review of Economics & Finance, 2019, 64, 323-342en
dc.rights© 2019 Elsevier Inc. This manuscript version is made available under the CC-BY-NC-ND 4.0en
dc.subjectCost of debten
dc.subjectAnalyst accuracyen
dc.subjectInternal governance mechanismsen
dc.subjectExternal governance mechanismsen
dc.titleDoes analyst information influence the cost of debt? Some international evidenceen
dc.typeArtículo / Artikuluaes
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Gestión de Empresases_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Enpresen Kudeaketa Sailaeu
dc.contributor.departmentUniversidad Pública de Navarra / Nafarroako Unibertsitate Publikoa. Inarbe - Institute for Advanced Research in Business and Economicses_ES
dc.rights.accessRightsAcceso embargado / Sarbidea bahitua dagoes
dc.type.versionVersión aceptada / Onetsi den bertsioaes

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© 2019 Elsevier Inc. This manuscript version is made available under the CC-BY-NC-ND 4.0
Except where otherwise noted, this item's license is described as © 2019 Elsevier Inc. This manuscript version is made available under the CC-BY-NC-ND 4.0