Credit rating agencies (CRAs) have considerable privileged access to corporate management and are therefore a potentially important source of information to the equity market. We study how stock analysts incorporate bond ratings in their earnings forecasts. We develop an economic framework for...

We examine how managers adapt their disclosure behavior in response to (public) news shocks not anticipated by them. The extent to which such events would affect subsequent disclosure is a function of the nature of the news---whether it represents ``good'' or ``bad'' news, and whether the news...