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...

This study examines relative performance evaluation (RPE) for the compensation of CEOs of business groups called “chaebols” in Korea. We find strong evidence of RPE when peers are other member firms in the same business group, particularly when a firm has an established compensation or is...

This study examines relative performance evaluation (RPE) for the compensation of CEOs of business groups called “chaebols” in Korea. We find strong evidence of RPE when peers are other member firms in the same business group, particularly when a firm has an established compensation or is...

Purpose Focusing on the Brazilian equity mutual fund industry, this study analyzes whether including the investor sentiment index in asset pricing models is important for explaining fund alpha. Design/methodology/approach The investor sentiment index and risk factors in the Fama and French...