We study the determinants and market impact of sell-side debt research. Analyzing a sample of 5920 debt reports published by 15 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...

We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value...

We examine whether access to management at broker-hosted investor conferences leads to more informative research by analysts. We find analyst recommendation changes have larger immediate price impacts when the analyst׳s firm has a conference-hosting relation with the company. The effect...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We examine the determinants and the informativeness of financial analysts' risk ratings using a large sample of research reports issued by Salomon Smith Barney, now Citigroup, over the period 1997-2003. We find that the cross-sectional variation in risk ratings is largely explained by...

Over the last decade, there has been much empirical research on Chinese accounting conservatism. This research started with Ball, Robin and Wu (2000) that was one of the first papers to apply modern research methods to Chinese data. In this paper, I survey the early research on conservatism to...