We explore the role of ESG raters' business models in the production of their ratings, noting that increasingly ESG raters not only produce ESG ratings but also construct and sell index products based on their ESG ratings. We examine whether deriving revenue from ESG rating-based indices is...

The paper aims to determine the effect of split ratings on corporate bond yields. A Two-Sample t-Test was conducted for each risk category of bonds to assess the impact of split ratings. Using a sample of corporate bonds issued between January 2000 and May 2023, the study finds evidence that...