Berwart, Erik; Guidolin, Massimo; Milidonis, Andreas - 2013
We investigate the lead-lag relationships between issuer- and investor-paid credit rating agencies, in the aftermath of …, we find that the lead effect of investor-paid over issuer-paid credit rating agencies has weakened: in recent years … behavior by issuer-paid agencies, when compared to their rating behavior. Third, stock prices manifest statistically …