Are All Rivals Affected Equally by Bond Rating Downgrades?
We use revisions in analysts' earnings forecasts to examine how the bad news associated with a bond rating downgrade gets transferred from the downgraded company to its rivals. In general, we find that stock analysts revise their earnings expectations downward for rivals of companies with downg...
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Format: | text |
Language: | English |
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Institutional Knowledge at Singapore Management University
2003
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Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/2206 https://ink.library.smu.edu.sg/context/lkcsb_research/article/3205/viewcontent/AreAllRivalsAffectedEqually_Caton_Goh_2003_av.pdf |
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Institution: | Singapore Management University |
Language: | English |
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