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Partisan professionals : evidence from credit rating analysts

Author: Elisabeth Kempf; Margarita Tsoutsoura; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 25292.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Partisan bias affects the decisions of financial analysts. Using a novel hand-collected dataset that links credit rating analysts to party affiliations from voter registration records, we show that analysts who are not affiliated with the U.S. President's party are more likely to downward-adjust corporate credit ratings. Our identification approach compares analysts with different party affiliations covering the  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Elisabeth Kempf; Margarita Tsoutsoura; National Bureau of Economic Research,
OCLC Number: 1076362056
Notes: "November 2018"
Description: 1 online resource (62 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25292.
Responsibility: Elisabeth Kempf, Margarita Tsoutsoura.

Abstract:

Partisan bias affects the decisions of financial analysts. Using a novel hand-collected dataset that links credit rating analysts to party affiliations from voter registration records, we show that analysts who are not affiliated with the U.S. President's party are more likely to downward-adjust corporate credit ratings. Our identification approach compares analysts with different party affiliations covering the same firm at the same point in time, ensuring that differences in the fundamentals of rated firms cannot explain the results. The effect is more pronounced in periods of high partisan conflict and for analysts who vote frequently. Our results suggest that partisan bias and political polarization create distortions in the cost of capital of U.S. firms.

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