Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Kinesiska muren: Intressekonflikter på den svenska värdepappersmarknaden
Stockholm University, Faculty of Social Sciences, School of Business.
Stockholm University, Faculty of Social Sciences, School of Business.
2004 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Analysts in an investmentbank’s research department cover both, firms which have no relationship to the investmentbank as well as companies in which the investmentbank has a strategic interest. Officially, banks have to establish a Chinese Wall around the research department to allow the analysts to work independently and to avoid the flow of insider information. The aim of this bachelor thesis is to study whether stock recommendations, issued by the equity research department of investmentbanks, tend to be overly optimistic when the corporate finance department has a strategic interest in the company in question. In addition we have extended the scope of our study by issuing related questions, about the conflict of interest, to market professionals. Our findings confirm a leakage through Chinese Walls. We find evidence of conflicts of interest, resulting in upwards biased reports. In order not to jeopardize the bank-client relationship, they suppress negative information. Our evidence is consistent with allegations that sell-side analysts routinely manipulate their investment advice in response to investment banking pressures in order to temporarily inflate stock prices around initial public offerings.

Place, publisher, year, edition, pages
2004.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-5144OAI: oai:DiVA.org:su-5144DiVA: diva2:194889
Uppsok
samhälle/juridik
Available from: 2007-01-05 Created: 2007-01-05

Open Access in DiVA

No full text

By organisation
School of Business
Business Administration

Search outside of DiVA

GoogleGoogle Scholar

urn-nbn

Altmetric score

urn-nbn
Total: 122 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf