This paper studies the effect of regulations on sell-side analysts' research. These regulations - NASD Rule 2711, NYSE Rule 472, and the Global Analyst Research Settlement - attempted to mitigate the interdependence between research and investment bank departments of U.S. brokerage houses. We...

We present a tractable, linear model for the simultaneous pricing of stock and bond returns that incorporates stochastic risk aversion. In this model, analytic solutions for endogenous stock and bond prices and returns are readily calculated. After estimating the parameters of the model by GMM,...