Sell-side debt analysts

被引：44

作者：

Johnston, Rick ^{[1
]}

Markov, Stanimir ^{[2
]}

Ramnath, Sundaresh ^{[3
]}

机构：

[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

[2] Univ Texas Dallas, Sch Management, Richardson, TX 75083 USA

[3] Univ Miami, Sch Business Adm, Miami, FL 33146 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2009年 / 47卷 / 1-2期

关键词：

Analyst; Debt; Financial distress; Credit rating; Information intermediary; BOND-RATING AGENCIES;

D O I：

10.1016/j.jacceco.2008.07.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the determinants and market impact of sell-side debt research. Analyzing a sample of 5920 debt reports published by 15 brokerage firms from 1999 to 2004, we document that companies with a higher probability of financial distress, lower market-to-book ratio, larger debt, and higher leverage receive more debt research. In addition, we document higher frequency of debt reports around credit ratings downgrades and find that their publication impacts equity prices. The evidence enhances our understanding of the nature of the market forces shaping sell-side debt research and its effect on price formation. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：91 / 107

页数：17

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