We test whether Standard and Poor's (S&P) assigns higher bond ratings after it switches from investor-pay to issuer-pay fees in 1974. Using Moody's rating for the same bond as a benchmark, we find that when S&P charges investors and Moody's charges issuers, S&P's ratings are lower than Moody's....

We test whether Standard and Poor's (S&P) assigns higher bond ratings after it switches from investor-pay to issuer-pay fees in 1974. Using Moody's rating for the same bond as a benchmark, we find that when S&P charges investors and Moody's charges issuers, S&P's ratings are lower than Moody's....

Despite the perceived importance of accounting standard setters, it remains unknown whether and how much individual FASB board members can influence specific accounting policies because it is difficult to measure any board member's impact during the process of accounting standard setting absent...

Despite the perceived importance of accounting standard setters, it remains unknown whether and how much individual FASB board members can influence specific accounting policies because it is difficult to measure any board member's impact during the process of accounting standard setting absent...