This paper examines how equity analysts affect corporate liquidity policy and the value of cash. Greater analyst coverage reduces information asymmetry between a firm and outside shareholders and enhances the monitoring process, in turn increasing the value of cash and allowing firms to hold more cash. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analy...

The literature assumes that the order and timing of analysts’earnings forecasts are determined exogenously. Ignoring strategic timing decisions of analysts may lead to inconsistent estimates of investors’beliefs. The paper analyzes the equilibrium timing strategies for analysts, and derives the consistent estimates of investors’beliefs. I follow the literature in assuming that analysts care for...

To free analysts from knowing about the internal details of middleware when evaluating the performance of component-based system (CBS), this paper proposes a framework to automatically integrate middleware component interactions and their performance attributes to application Unified Model Language (UML) model. The framework defines a general sub-model template library of middleware, a middlewa...