To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock recommendations issued by their own analysts. Based on...

"Traditionally, investments textbooks tend to fall into one of two camps. The first type has a greater focus on portfolio management and covers a significant amount of portfolio theory. The second type is more concerned with security analysis and generally contains fairly detailed coverage of...

"Traditionally, investments textbooks tend to fall into one of two camps. The first type has a greater focus on portfolio management and covers a significant amount of portfolio theory. The second type is more concerned with security analysis and generally contains fairly detailed coverage of...