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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
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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...
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