Online Appendix to the Paper Guan, Yuyan and Li, Congcong and Lu, Hai and Wong, M.H. Franco, Regulations and Brain Drain: Evidence from Wall Street Star Analysts' Career Choices (July 30, 2018). Available at: "https://ssrn.com/abstract=3243135" https://ssrn.com/abstract=3243135

The Global Settlement, along with related regulations in the early 2000s, prohibit the use of investment banking revenue to fund equity research and compensate equity analysts. We find that all-star analysts from investment banks are more likely to exit the profession or move to the buy side...

Reforms on analyst conflicts of interest prohibit the use of investment banking revenue to fund equity research and compensate equity analysts. After the reforms, we find that star analysts from investment banks are more likely to exit the profession and move to the buy side than before. The...