Responding to the allegedly biased research reports issued by large investment banks, the Global Research Analyst Settlement and related regulations went to great lengths to weaken the conflicts of interest faced by investment bank analysts. In this paper, I investigate the effects of these changes on small and large investor confidence and on trading profitability. Specifically, I examine abnormal trading volumes generated by small and large investors in response to security analyst recommendations and the resulting abnormal market returns generated.
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- Analyst recommendation
- Global Settlement
- Investor differential reaction
- Investment banking--Law and legislation--United States--History--21st century.
- Investment Banking
- Investment analysis--Law and legislation--United States--History--21st century.
- Investment analysis
- Individual investors--Law and legislation--United States.
- Individual investors
- Partial requirement for: Ph. D., Arizona State University, 2011Note typethesis
- Includes bibliographical references (p. 60-62)Note typebibliography
- Field of study: Accountancy