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Investment banks, scope, and unavoidable conflicts of interest
In recent years investment banks have drawn particular criticism for the lack of objectivity and independence in their research reports and analyst recommendations. This article argues that this conflict of interest is but one of many potential conflicts that arise as banks take advantage of the scope economies inherent in providing the customary business lines of investment banking under one roof. ; The author considers academic evidence on investment bank analysts? jobs, which entail both an acknowledged sales function and an unacknowledged information brokerage function. In these two ...