This study examines whether and how a major credit rating agency, S&P, strategically times the release of rating changes in an intraday setting. We find that the proportion of downgrades announced after regular trading hours is higher than upgrades. We find that credit rating agencies are more...

The patent system is a central tool in innovation policy. The prospect of monopolistic pricing conferred by patent protection supposedly encourages firms to innovate. However, there is scant empirical evidence supporting the existence of higher markups for patent-protected products. Using an...