We investigate the link between analyst forecast characteristics and the cost of debt financing in international markets, and the influence of country-level institutions. Using a sample of 3,768 bond issues from 42 non-U.S. countries from 1996 to 2014, we find statistically and economically...

In this paper we investigate how privatization affects stock return volatility. We show that privatization is related to volatility via political risk. In particular, a privatization program that is maintained over time signals credibility, which reduces political risk and in turn volatility. We...