caa a22 4500 388047682 CHVBK 20180307125042.0 cr unu---uuuuu 161130e199812 xx s 000 0 eng 10.2307/2331132 doi S0022109000001071 pii (NATIONALLICENCE)cambridge-10.2307/2331132 Bond Rating Agencies and Stock Analysts: Who Knows What When? [Elektronische Daten] Both bond rating agencies and stock analysts evaluate publicly traded companies and communicate their opinions to investors. Comparing the timeliness of each, we find that Granger causality flows both ways. While most bond downgrades are preceded by declines in actual and forecast earnings, both actual earnings and forecasts of future earnings tend to fall following downgrades. Although part of this post-downgrade forecast revision can be attributed to negative news regarding actual earnings, most appears to be reaction to the downgrade itself. We find little change in actual earnings following upgrades. Analysts, however, tend to increase their forecasts of future earnings. Copyright © School of Business Administration, University of Washington 1998 Ederington Louis H. Finance Division, Michael F. Price College of Business, University of Oklahoma, Norman, OK 73019 Goh Jeremy C. Finance Department, College of Business, Drexel University, Philadelphia, PA 19104 Journal of Financial and Quantitative Analysis Cambridge University Press 33/4(1998-12), 569-585 0022-1090 33:4<569 1998 33 JFQ https://doi.org/10.2307/2331132 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331132 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ederington Louis H. Finance Division, Michael F. Price College of Business, University of Oklahoma, Norman, OK 73019 NATIONALLICENCE 700 1- Goh Jeremy C. Finance Department, College of Business, Drexel University, Philadelphia, PA 19104 NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 33/4(1998-12), 569-585 0022-1090 33:4<569 1998 33 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge