Information technology (IT) investments are often valued favorably by the stock market because of their strategic nature and important role in influencing revenue and profit growth of firms. New research by professors Sunil Mithas and Michael Kimbrough at the University of Maryland’s Robert H. Smith School of Business, with Keongtae Kim, a Smith School PhD graduate and now assistant professor at the Chinese University of Hong Kong, shows that IT investments also matter to bond markets. However, bond markets value IT investments differently than stock markets according to the strategic roles of IT in industries and the types of risks they create.