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| Tekijä: | Lehar, A. Randl, O. |
| Otsikko: | Chinese walls in German banks |
| Lehti: | Review of finance
2006 : VOL. 10:2, p. 301-320 |
| Asiasana: | banking information interorganizational relations Germany |
| Kieli: | eng |
| Tiivistelmä: | Analysts in bank's research department cover companies that have no relationship with the bank as well as companies in which the bank has a strategic interest. Officially, banks must establish Chinese Walls around their research departments to allow the analysts to work independently and to avoid the flow of insider information. This paper examines analyst behavior under long-term bank-company relationships using ownership data and analysts' earnings per share forecasts for German companies 1994-2001. Evidence is found that is consistent with analysts reconciling their employers' interests with their own career concerns. |
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