Partisanship in the US is on the rise. With growing disagreement across voters of different political parties on key issues, understanding the potential implications of this trend for the US economy is of first-order importance. This column examines the degree to which partisan ideology affects the decisions of financial analysts. Using a novel dataset that links credit rating analysts to party affiliations from voter registration records, it shows that analysts who are not affiliated with the US president's party are more likely to downward-adjust corporate credit ratings.
Elisabeth Kempf, Margarita Tsoutsoura, 21 December 2018
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