SEMINARS

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27SEPTEMBER2021
Iris Steenkamp (London Business School)
"Can Selling Change The Salesperson? Experimental Evidence on Resilience Amidst The Covid-19 Pandemi
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
 
04OCTOBER2021
Alexey Sinyashin (University of California - Berkeley)
"Optimal Policies for Differentiated Green Products: Characteristics and Usage of Electric Vehicles
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
06OCTOBER2021
Florin Vasvari (London Business School)
"The Value of Debt Analysts’ Reports"
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
ABSTRACT
Using a large sample of sell-side debt analysts’ reports, we document that the issuance of these reports is triggered by a borrower’s earnings announcements and rating change news. In contrast, debt report issuance does not respond to changes in equity analysts’ recommendations. We also find that the quarterly number of debt reports increases with earnings surprises and the extent of trading in the secondary loan market, suggesting that analysts incorporate information in earnings announcements and loan trades which likely reflect private credit relevant information. The number of debt reports decreases if borrowing firms are rated by certified rating agencies or have greater equity analyst coverage, consistent with the interpretation that competing sources of information lower the informational value of debt analyst reports to bond investors. In line with these results, we show that the length of fixed-income analyst reports increases with the magnitude of the earnings surprise or when a rating change takes place but decreases with equity analyst coverage, the provision of managerial earnings guidance, or when the borrower covered is less risky. Finally, we document that more positive fixed-income analyst recommendations are associated with greater subsequent abnormal bond returns, highlighting the investment value of the reports. The recommendations predict bond returns especially when they follow negative earnings surprises, rating downgrades or trading in the secondary loan market. Overall, our evidence suggests that debt analysts play a critical role in interpreting credit information events thus supporting the information processing activities of bond investors.
 Keywords: Debt reports; Earnings announcements, Rating changes; Debt recommendations, Abnormal bond returns
JEL Classifications: M41, G32, G34, G12
 
08OCTOBER2021
Rafael Peter Greminger (Tilburg University)
“Heterogeneous Position Effects: Do Products That Consumers Prefer Benefit More from Top Positions?”
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
 
13OCTOBER2021
Clarice Yulai Zhao (Universiy of Toronto)
"The Consumption of Serial Media Products and Optimal Release Strategy"
Online / Contact business.seminars@uc3m.es
Time : 15:00h.
 
18OCTOBER2021
Claudia Custodio (Imperial College London)
TBA
Online / Contact business.seminars@uc3m.es
Time : 13:00h.
 

INTERNAL VIEW ALL

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