We compare the timeliness of the information signals produced by investor-paid credit rating agencies (Egan and Jones), issuer-paid credit rating agencies (Standard and Poor's), and by sell-side equity analysts, and study the predictive power of this information for the bond and equity markets...

We develop a dynamic adverse selection model where a career-concerned buy-side analyst advises a fund manager about investment decisions. The analyst's ability is privately known, as is any information she learns over time. The manager wants to elicit information to maximize fund performance...

We study three fundamental components of financial agency settings: Perception and communication of investment profiles, the interaction of agents’ and clients’ preferences, and the role of (non-)monetary incentives. The perception of investment profile terminology is very heterogeneous,...