Partisan Professionals: Evidence from Credit Rating Analysts
نویسندگان
چکیده
Partisan perception affects the actions of professionals in financial sector. Linking credit rating analysts to party affiliations from voter records, we show that not affiliated with U.S. president's downward-adjust corporate ratings more frequently. Since compare different covering same firm quarter, differences fundamentals cannot explain results. We also find a sharp divergence Democratic and Republican around 2016 presidential election. Our results analysts' partisan has price effects may influence firms' investment policies.
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ژورنال
عنوان ژورنال: Journal of Finance
سال: 2021
ISSN: ['0022-1082', '1540-6261']
DOI: https://doi.org/10.1111/jofi.13083