Jiang, John; Harris Stanford, Mary; Xie, Yuan - In: Journal of Financial Economics 105 (2012) 3, pp. 607-621
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....
