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| Author: | Lehar, A. Randl, O. |
| Title: | Chinese walls in German banks |
| Journal: | Review of finance
2006 : VOL. 10:2, p. 301-320 |
| Index terms: | asymmetric information banking banks Germany |
| Language: | eng |
| Abstract: | This paper studies the behaviour of German banksÂ’ research analysts in order to determine whether these banks actually have Chinese walls around their research departments as they are supposed to. The results indicate that analysts use their information advantage by releasing favourable (negative) information when the market underestimates (overestimates) earnings. |
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