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Adjusted Tobin's q and Number of Analysts Providing Coverage 

Adjusted Tobin's q and Number of Analysts Providing Coverage 

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Table 1: Means and Standard Deviations 
Table 5: Adjusted Tobin's q and Number of Analysts Providing Coverage 
Corporate Strategy, Analyst Coverage, and the Costly-to-Analyze Discount
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  • Oct 2006
In this paper we argue theoretically and empirically that capital markets systematically discount uniqueness in the strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's future value. These greater costs in strategy evaluation discourage the collection and analysis of infor...
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Context 1
... one of the dummy coefficients is negative and significant. Table 5 presents OLS regressions of ADJTQ using number of analysts rather than COVSHARE as an independent measure. The results are quite consistent with the Table 4 results. ...

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