Do Professional Rankings Affect Analyst Behavior? Evidence From a Regression Discontinuity Design

The authors thank two anonymous referees, Ying Cao, Jacky Chau, Gus De Franco, Yiwei Dou, Kay Giesecke (the editor), Kose John, Jay Jung, Hangsoo Jyung, Stephannie Larocque, Lian Fen Lee, Runjing Lu, Jeffrey Ng, Tao Shen, Han Stice, Angie Wang, Wongsunwai Wan, Donghui Wu, George Yang, Danqing Young, Yinglei Zhang, and workshop participants at China Europe International Business School, Chinese University of Hong Kong, Concordia University, Fudan University, New York University, Tsinghua University, the University of Hong Kong, the Cass Business School and CeFARR Accounting Conference, the Financial Intermediation Research Society Annual Conference, and the MIT Asia Conference in Accounting for helpful suggestions and comments. The authors acknowledge the excellent research assistance from Yun Dai and Runming Huang.