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Analyst responses to changes in credit risk

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dc.contributor.authorAbinzano Guillén, María Isabel
dc.contributor.authorCorredor Casado, María Pilar
dc.contributor.authorMartínez García, Beatriz
dc.contributor.departmentGestión de Empresases_ES
dc.contributor.departmentEnpresen Kudeaketaeu
dc.contributor.departmentInstitute for Advanced Research in Business and Economics - INARBEen
dc.date.accessioned2025-03-26T10:06:07Z
dc.date.issued2025-02-03
dc.date.updated2025-03-26T10:00:49Z
dc.description.abstractDo analysts adjust their recommendations when a company's credit risk changes? Using an extensive sample of 300,145 observations, covering 3722 US firms from 2000 to 2021, we find that analysts revise their recommendations when a firm's credit risk decreases but not when it increases. This result is consistent with analysts¿ optimism bias, as previously identified in the literature. However, we further find that this optimism bias disappears for firms with low information asymmetry or good informativeness. The fact that analysts for these firms have less cognitive bias and greater pressure to make accurate recommendations may explain this result. Our research highlights that analyst disclosures should be treated with caution, especially in firms with poor informational characteristics. A proper understanding of analyst recommendations is critical for the decision-making processes of investors and companies and calls for better regulations.en
dc.description.sponsorshipThis research was supported by the the Spanish Ministry of Science and Innovation (Grant No. PID2019-104304GB-I00 funded by MCIN/AEI/10.13039/501100011033)
dc.embargo.lift2027-01-15
dc.embargo.terms2027-01-15
dc.format.mimetypeapplication/pdf
dc.identifier.citationAbinzano, I., Corredor, P., Martínez, B. (2025). Analyst responses to changes in credit risk. Journal of International Financial Management & Accounting, 1-28. https://doi.org/10.1111/jifm.12231.
dc.identifier.doi10.1111/jifm.12231
dc.identifier.issn0954-1314
dc.identifier.urihttps://academica-e.unavarra.es/handle/2454/53831
dc.language.isoeng
dc.publisherWiley
dc.relation.ispartofJournal of International Financial Management & Accounting (2025)
dc.relation.projectIDinfo:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2019-104304GB-I00/ES/
dc.relation.publisherversionhttps://doi.org/10.1111/jifm.12231
dc.rights© 2025 John Wiley & Sons Ltd.
dc.rights.accessRightsinfo:eu-repo/semantics/embargoedAccess
dc.subjectAnalyst recommendationsen
dc.subjectCredit risken
dc.titleAnalyst responses to changes in credit risken
dc.typeinfo:eu-repo/semantics/article
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dspace.entity.typePublication
relation.isAuthorOfPublicatione8b23aca-9861-499b-b31b-feb5cd8531e9
relation.isAuthorOfPublicationd0fb31bd-aa1a-4be4-bfdf-2d03e133b2cb
relation.isAuthorOfPublication43973159-832c-400d-81a1-80db5653b6b1
relation.isAuthorOfPublication.latestForDiscoveryd0fb31bd-aa1a-4be4-bfdf-2d03e133b2cb

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