Lee, Wai Choi; Shen, Jianfu; Cheong, Tsun Se; … - In: Financial innovation : FIN 7 (2021), pp. 1-23
In this study, we compare the adjustments of credit ratings by an investor-paid credit rating agency (CRA), represented by Egan-Jones Ratings Company, and an issuer-paid CRA, represented by Moody’s Investors Service, vis-à-vis conflict of interest and reputation. A novel distribution dynamics...
