Partisan perception affects the actions of professionals in the financial sector. Linking credit rating analysts to party affiliations from voter records, we show that analysts not affiliated with the U.S. president's party downward-adjust corporate credit ratings more frequently. Since we compare analysts with different party affiliations covering the same firm in the same quarter, differences in firm fundamentals cannot explain the results. We also find a sharp divergence in the rating actions of Democratic and Republican analysts around the 2016 presidential election. Our results show that analysts' partisan perception has price effects and may influence firms' investment policies.

中文翻译：

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党派专业人士：信用评级分析师的证据

党派观念会影响金融部门专业人士的行为。将信用评级分析师与选民记录中的政党从属关系联系起来，我们发现与美国总统政党无关的分析师更频繁地向下调整公司信用评级。由于我们在同一季度比较了同一家公司不同党派的分析师，因此公司基本面的差异无法解释结果。我们还发现民主党和共和党分析师在 2016 年总统大选前后的评级行动存在明显分歧。我们的结果表明，分析师的党派看法具有价格效应，并可能影响公司的投资政策。