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Taking Stock of Equity Analysts
The SEC's settlement concerning equity research attempts to remove inappropriate influences on equity analysts who work for investment banks. But it doesn't fix the structural problems that these research groups face: they are now far too expensive given the lower margins in the equity business.
The take-away: Analysts urgently need to deliver more relevant, more original, and better-targeted research to justify their cost. To do so, they will need to change the way they work, how they are compensated, and the services they provide.
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