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Anne-Gael, Vaubourg ; Aurelien, Leroy ; Sébastien, Galanti ; Sebastien, Galanti. (2022) Investment and access to external finance in Europe: Does analyst coverage matter?.
In: LEO Working Papers / DR LEO. RePEc:leo:wpaper:2945.
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In specifications [7] and [8], we further explore the channel through which Coverage influences firm investment. We maintain the same IV baseline regression, but the dependent variable is share issuance (variant [7]) or debt issuance (variant [8]). The F-stats are sufficiently large to confirm the validity of the instrument in these cases. The results show that Coverage significantly improves access to external finance through share issuance and debt issuance. The sign of the coefficient for cash flow (CF) becomes negative and significant: a firm that is able to access external finance is less dependent on its cash flow, illustrating a lower financial constraint for covered firms (Chang et al., 2006). Finally, the results presented in this section show that our main finding remains robust across all variants of our baseline IV specification.
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