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| Author: | Johnston, R. Markov, S. Ramnath, S. |
| Title: | Sell-side debt analysts |
| Journal: | Journal of Accounting & Economics
2009 : MAR, VOL. 47:1-2, p. 91-107 |
| Index terms: | debt credit rating information pricing markets |
| Language: | eng |
| Abstract: | This paper examines the determinants and market impact of sell-side debt research. It analyzes a sample of 5920 debt reports published by 15 brokerage firms from 1999 to 2004 and documents that companies with a higher probability of financial distress, lower market-to-book ratio, larger debt, and higher leverage receive more debt research. Moreover, the paper documents higher frequency of debt reports around credit ratings downgrades and finds that their publication impacts equity prices. The evidence enhances the understanding of the nature of the market forces that shape sell-side debt research and its effect on price formation. |
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