Abstract

http://ssrn.com/abstract=973423
 
 

References (23)



 
 

Citations (11)



 


 



Sell-Side Debt Analysts


Rick Johnston


City University London - Sir John Cass Business School; Rice University - Jesse H. Jones Graduate School of Business

Stanimir Markov


Southern Methodist University (SMU) - Edwin L. Cox School of Business

Sundaresh Ramnath


University of Miami - Department of Accounting

February 15, 2008


Abstract:     
We study the determinants and market impact of sell-side debt research. Analyzing a sample of 5,920 debt reports published by fifteen brokerage firms from 1999 to 2004, we document that companies with a higher probability of financial distress, lower market-to-book ratio, larger debt, and higher leverage receive more debt research. In addition, we document higher frequency of debt reports around credit ratings downgrades and find that their publication impacts equity prices. The evidence enhances our understanding of the nature of the market forces shaping sell-side debt research and its effect on price formation.

Number of Pages in PDF File: 50

Keywords: Debt, Information Intermediaries, Distress, Analyst

JEL Classification: G14, G24, G29,


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Date posted: March 25, 2007 ; Last revised: March 6, 2015

Suggested Citation

Johnston, Rick and Markov, Stanimir and Ramnath, Sundaresh, Sell-Side Debt Analysts (February 15, 2008). Available at SSRN: http://ssrn.com/abstract=973423 or http://dx.doi.org/10.2139/ssrn.973423

Contact Information

Rick M. Johnston (Contact Author)
City University London - Sir John Cass Business School ( email )
106 Bunhill Row
London, EC1Y 8TZ
United Kingdom
Rice University - Jesse H. Jones Graduate School of Business ( email )
6100 South Main Street
P.O. Box 1892
Houston, TX 77005-1892
United States
Stanimir Markov
Southern Methodist University (SMU) - Edwin L. Cox School of Business ( email )
P.O. Box 750333
Dallas, TX 75275-0333
United States
Sundaresh Ramnath
University of Miami - Department of Accounting ( email )
Coral Gables, FL 33146-6531
United States
305-284-6668 (Phone)
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