The Effect of Solicitation and Independence on Corporate Bond Ratings
比较主动请求与独立评级机构的债券评级表现，发现穆迪和标普的评级持续低于达夫菲尔普斯和惠誉IBCA，但高于MCM；独立机构的评级在及时性和准确性上更优。
Abstract: This comparison of solicited and independent bond rating agencies performance reveals that the ratings assigned by Moody’s and Standard & Poor’s are consistently lower than those assigned by Duff and Phelps and Fitch IBCA and are consistently higher than those assigned by MCM. While Moody’s and S&P generally downgrade bond ratings sooner than Duff and Phelps and Fitch IBCA, the four major agencies upgrade at the same time. Moody’s tends to have a higher upgrade magnitude than Duff and Phelps, but the downgrade magnitudes do not differ. MCM upgrades its ratings more quickly than either Moody’s or S&P. The results give support to the timeliness and accuracy of ratings provided by the independent agencies.