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 recommendations is...

We investigate how the tone of sell-side debt analysts' discussions about debt-equity conflict events affects the informativeness of debt analysts' reports in debt markets. Conflict events such as mergers and acquisitions, debt issuance, share repurchases, or dividend payments potentially...

Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to...

This paper systematically studies analysts' notes, an important form of analyst disclosure not previously studied in the literature. Analyst notes are written disclosures that represent a product of sell-side analysts' daily effort and provide a vehicle for analysts to communicate their...

This study compares the performance of sell-side equity analysts with and without a Chartered Financial Analyst (CFA) designation. Using a large sample of forecasts, our tests indicate that CFA charterholders issue forecasts that are timelier than those of non-charterholders. The results for...