We investigate the effect of credit analyst rotation in the context of long-term ratings of S&P 500 issuers between 2002 and 2015. We find that analyst rotation in the coverage of issuers is associated with higher rating activity and a lower credit risk assessment (e.g., rating downgrades)...

The asset management, and more specifically the mutual fund industry, is facing major strategic challenges. Although the market is growing overall, its growth attracts a steady stream of new entrants and new products that jeopardize the position and profitability of (large) incumbent firms. In...

As financial markets recover after their crisis, the academic field as well as politics have refocused on drawing the lessons from the crisis and are doing so mainly with regards to a reform in financial regulation and market transparency. In taking this approach, however, one important aspect...