Abstract Exploiting two quasi-natural experiments, we find that firms increase emissions of toxic pollution following decreases in analyst coverage. The effects are stronger for with low initial coverage, poor corporate governance, and subject to less stringent monitoring by environmental regulators. Decreases environmental-related questions raised conference calls, an increased cost institutio...

ABSTRACT This study examines how information spillovers from equity to debt markets (“equity spillovers”) affect sell-side analysts’ activities and the informativeness of their reports. To explore this relation, I compare analyst reports for firms without (private firms) with (public firms). find that, absent spillovers, analysts rely more on mandatory SEC filings fill gap private firms. additi...