"This is the peer-reviewed version of the following article: Alam, P., Pu, X., & Hettler, B. (2016). The sensitivity of the credit default swap market to financial analysts’ forecast revisions. Accounting & Finance . which has been published in final form at https://doi.org/10.1111/acfi.12235 . This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions." --- An earlier version of this paper was presented at the 2015 American Accounting Association (AAA) Ohio Region meeting, 2015 AAA annual meeting, and at the Accounting and Finance Research Workshop, University of Toledo. We are also thankful for comments and suggestions received from Z. Kaplan and T. White. This research was partly funded by the Dean’s Summer Research Fund, College of Business Administration, Kent State University.