Most empirical research examines how the institutional environment of corruption shapes the behavior of MNCs. In this study, we would like to highlight the other side of the picture: how the presence of MNC may shape the institutional environment of corruption over time. We propose three avenues...

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...