We have benefited from the comments of the Editor (Philip Berger), an anonymous reviewer, Ray Ball, John Core, Yonca Ertimur, Bob Holthausen, Ole-Kristian Hope, S.P. Kothari, Yanju Liu, Jeff Ng, Gil Sadka, Jayanthi Sunder, Dushyantkumar Vyas, and seminar participants at Columbia University, Hong Kong Science and Technology, London Business School, New York University, Singapore Management University, Tilburg University, the University of Chicago, the University of Pennsylvania, the University of Rochester, the AAA 2008 Annual Meeting, the AAA 2009 FARS meeting, and Tel Aviv conference. Richard Phelan, Head of European High Yield Research Team at Deutsche Bank, and Scott Richardson, Head of Credit Research at Barclays Global Investors, were particularly helpful in providing in-depth institutional knowledge of bond analysts. We thank the following research assistants, who helped us collect and code the bond analyst reports: Derek Carnegie, Lydia Guo, Yang Han, Jeffrey Lun, Viara Marinova, Samarth Modi, Vas Natarajan, Kunal Rai, Linda Tu, Zirong Wang, Yiyi Yang, and David Yiu. We gratefully acknowledge the financial support of the Rotman School of Management, University of Toronto, London Business School RAMD Fund, the University of Chicago Booth School of Business, and the Wharton School, University of Pennsylvania. We thank Moody's Investors Service for providing the historical database on ratings. Part of the work on this article was completed while Gus De Franco was a visiting faculty member at the Sloan School of Management, MIT, and Regina Wittenberg-Moerman was on the faculty at the Wharton School, University of Pennsylvania.
The Informational Role of Bond Analysts
Version of Record online: 23 JUL 2009
©, University of Chicago on behalf of the Accounting Research Center, 2009
Journal of Accounting Research
Volume 47, Issue 5, pages 1201–1248, December 2009
How to Cite
DE FRANCO, G., VASVARI, F. P. and WITTENBERG-MOERMAN, R. (2009), The Informational Role of Bond Analysts. Journal of Accounting Research, 47: 1201–1248. doi: 10.1111/j.1475-679X.2009.00348.x
- Issue online: 12 OCT 2009
- Version of Record online: 23 JUL 2009
- Received 13 May 2008; accepted 4 May 2009
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