Coverage of IPOs by financial analysts: what benefits for their secondary market?

Summary The purpose of this thesis is to analyze the impact of financial analysts' monitoring of the IPO on the quality of the secondary market and on the future stock market life of the company. To this end, three empirical studies are conducted on the French market. The first study provides a new explanation for the positive relationship between initial undervaluation and secondary market liquidity. It shows that this positive relationship is formed through financial analysts' coverage. Based on the survival analysis method, our second study reveals that financial analyst coverage has a positive impact on the stock market life of the firm. The third study shows that hedging can also influence the occurrence and speed of occurrence of a secondary issue. It appears that the most hedged firms at the time of the IPO are those that return to the market most quickly to make a secondary guaranteed issue. This work underscores the importance of financial analysts' monitoring of IPOs.