Byoun, Soku; Fulkerson, Jon A.; Han, Seung Hun; Shin, … - In: Journal of Banking & Finance 42 (2014) C, pp. 326-338
We test the biasedness of unsolicited ratings relative to solicited ratings using the ex post firm performance measured by the long-run stock performance of firms following rating announcements and changes. We find that the announcements of new unsolicited ratings are followed by negative...