Partisan Professionals: Evidence from Credit Rating Analysts

We thank Pat Akey, John Barrios, Marianne Bertrand, Kimberly Cornaggia (discussant), Steve Davis, Carola Frydman (discussant), Jiekun Huang (discussant), Emir Kamenica, Anil Kashyap, Stefan Lewellen (discussant), Raghuram Rajan, David Schoenherr (discussant), Jesse Shapiro, Chester Spatt, Laura Starks (discussant), Amir Sufi, Vikrant Vig, and seminar participants at Aalto University, Bocconi University, Chicago Booth, Cornell University, Dartmouth College, the 2018 FRA Conference, Imperial College, the 2019 NBER Corporate Finance Summer Institute, MIT Sloan, New York Fed, the 2019 Political Economy of Finance Conference, Rice University, Stockholm School of Economics, the 2019 UNC/Duke Corporate Finance Conference, University of Illinois at Chicago, University of Luxembourg, University of Minnesota Carlson, University of Rochester, UVA Darden, Vanderbilt University, and Yale University for valuable comments. Kempf gratefully acknowledges financial support from the James S. Kemper Foundation, the Initiative on Global Markets, and the Fama-Miller Center for Research in Finance at the University of Chicago, Booth School of Business. We thank Yu Gao, Dong Ryeol Lee, Tianshu Lyu, Michael Schwartz, and Pan Yingru for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• November 20, 2018
• April 5, 2019
• May 21, 2019
• December 31, 2019