<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...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We delineate key channels through which flows of confidential information to loan syndicate participants impact the dynamics of information arrival in prices. We isolate the timing of private information flows by estimating the speed of price discovery over quarterly earnings cycles in...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>In this paper, I examine the sensitivity of promotion and demotion decisions for lower-level managers to financial and nonfinancial measures of their performance and investigate the extent to which the behavior of lower-level managers reflects promotion-based incentives. Additionally, I...