Word: bankses
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A handful of investment banks may continue to buy and pass along independent research-either because they know it helps their clients, or because they see it as a marketing tool. By and large, though, the banks never went to great lengths to advertise the availability and value of the...
But dozens of other firms selling research are much smaller, and have come to depend on the nearly $90 million a year the investment banks have been plowing into the system. When that money stops, "you're going to see a lot of these smaller firms either consolidate or dry...
So the bigger question may be, will the global settlement have any lasting impact-or do we lose something significant when the money for independent research stops in July? By some measures, the bias of investment-bank stock research has, in fact, changed since the late 1990s and early 2000s...
An upcoming paper in The Review of Financial Studies finds that since the global settlement, research from investment banks has, in certain ways, become less biased. An analyst is no longer more likely to issue a "buy" rating when his firm is doing investment banking business with the company he...
Still, bullish investors see little downside in commodities, although returns may not come overnight. Some consider commodities a hedge against another looming threat: inflation. If loose monetary policies implemented by central banks around the world to stimulate growth eventually spark inflation, commodity prices might escalate rapidly. "If the world economy...