Mahmoud Ezzamel

Financial analysts often work for organizations, such as brokerage houses, banks, and credit rating agencies. We ask whether these organizations condition the work of analysts and, if so, how and why. Through a qualitative study of the sovereign government rating departments of four credit rating agencies, our paper sheds light on the bundle of social practices and material arrangements through which rating agencies shape the evaluation work of financial analysts. Our findings indicate that this bundle is designed to resolve the dilemma that characterizes rating agencies - namely, how to elevate the standing of ratings from subjective opinions to collective knowledge. We label these processes the “epistemic governance” of evaluation practices and comment on their implications for critical management and organization studies.