We provide evidence of a non-intuitive link between equity analysts and bank loans. We hypothesize and find that the precision of the private information in sell-side equity analysts' earnings forecasts is associated with price and non-price characteristics of private debt. Using a measure of...

We investigate whether banks rely on the information content in equity analysts' annual earnings forecasts when assessing the risk of potential borrowers. While a long literature finds that analysts provide useful information to market participants, it is not clear that banks, which have access...