Financial Innovation

Table 1 The number of firms/firm-month observations and average ratings by year

From: Detecting conflicts of interest in credit rating changes: a distribution dynamics approach

Year	N of firms	N of ratings	Rating	Moody's	EJR	Moody's—EJR
2011	455	2,345		13.14	13.97	− 0.83
2012	546	5,940		13.12	13.82	− 0.7
2013	582	6,602		13.08	13.72	− 0.64
2014	615	6,766		13.19	13.98	− 0.79
2015	605	6,984		13.23	13.87	− 0.64
2016	620	6,876		13.11	13.65	− 0.54
2017	564	6,493		13.28	13.82	− 0.54
2018	534	6,229		13.42	14.03	− 0.61
Total	4521	48,235	Average	13.20	13.86	− 0.66

This table reports the average number of firms and firm-month ratings in the sample. We also report the average ratings given by Moody’s and EJR each year

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