<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We document that: (1) the incidence of bond trade increases during the days surrounding earnings announcements, (2) there is a bond-price reaction to the announcement of earnings, and (3) there is a positive association between annual bond returns and both annual changes in earnings and...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This study uses a large sample of sell-side bond analysts' reports to examine the properties of recommendations provided by bond analysts and the impact of these recommendations on bond securities. First, we document that the distribution of bond analysts' buy, hold, and sell...

We investigate a sample of 50 firm-events, identified in the "Global Research Analysts Settlement", in which analysts were discovered to have acted misleadingly ex post. In this setting, analysts' incentives caused them to issue public disclosures that differed from their private beliefs. We...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We investigate how both the ownership structure and explicit contractual structure of syndicated loan deals are shaped by the debt-contracting value (DCV) of borrowers' accounting information. DCV captures the inherent ability of firms' accounting numbers to capture credit quality...