We investigate the lead-lag relationships between issuer- and investor-paid credit rating agencies, in the aftermath of the regulatory reforms undertaken in the U.S. between 2002 and 2006 —including watch list inclusions and outlooks. First, we find that the lead effect of investor-paid over...

We investigate the lead-lag relationships between issuer- and investor-paid credit rating agencies, in the aftermath of the regulatory reforms undertaken in the U.S. between 2002 and 2006 - including watch list inclusions and outlooks. First, we find that the lead effect of investor-paid over...

We investigate the lead-lag relationships between issuer- and investor-paid credit rating agencies, in the aftermath of the regulatory reforms undertaken in the U.S. between 2002 and 2006 - including watch list inclusions and outlooks. First, we find that the lead effect of investor-paid over...

We investigate the lead-lag relationships between issuer-paid and investor-paid credit rating agencies (CRAs), after the regulatory reforms in the U.S. (2002-2006) also including outlooks. Over our sample period, ratings (but not outlooks) issued by issuer-paid agencies were certified by the SEC...