Historically a key advantage of being a public firm was broader access to capital, from a disperse group of shareholders. In recent years, such capital has increasingly become available to private firms as well. We document a dramatic increase over the past twenty years in the number of mutual...

Underscoring the information production, uncertainty reduction, and monitoring effects associated with equity analysts, this paper shows that CEOs at firms with greater analyst coverage exhibit significantly lesser overconfidence in their decisions than their counterparts. We uncover strong...