Well-functioning capital markets rely on a complex set of institutions and participants that
ensure capital is allocated to its best possible use, and that information flows between firms …

We study how career concerns influence banking analysts' forecasts. Banking analysts' first
(last) earnings forecast of the year is relatively more optimistic (pessimistic) for a bank that …

This study examines whether revolving rating analysts who transition from major rating
agencies to issuers are associated with any rating inflation in the issuers' mortgage-backed …

Existing studies find that sell-side analysts who make less accurate and less optimistic
forecasts are more likely to be terminated, suggesting that career concerns affect their …

Investment banks frequently hire credit analysts from rating agencies. A widely held view is
that this “revolving door” undermines analysts' incentives to issue accurate ratings. Using a …

Analysts who participate in earnings conference calls and get to ask the first questions are
likely to enjoy special access to management. We argue that such access could either signal …

Many regulatory agency employees are hired by the firms they regulate, typically at higher
pay, which may lead them to “go easy” on their future as well as prospective employers. This …

This thesis consists of three chapters in corporate finance and financial intermediation. The
first two chapters explore sources of incentives and learning for finance professionals …

I investigate how career concerns influence banking analysts' forecasts and find that
banking analysts issue relatively more optimistic forecasts early in the year and more …

This study aims to shed light on the determinants and consequences of the revolving door at
the Securities and Exchange Commission (SEC). While revolvers may be good monitors …