Department of Economics and Finance;
The Hang Seng University of Hong Kong;
Siu Lek Yuen;
Hong Kong;
China;
ZN721;
Block Z;
Department of Building and Real Estate;
The Hong Kong Polytechnic University;
Hung Hom;
Hong Kong;
China;
Credit ratings; Conflict of interest; Distribution dynamics; Issuer-paid credit rating agencies; Investor-paid credit rating agencies;