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Re "Requiem for an Honorable Profession" (May 5), which described how research analysts in recent years have been driven "not to provide the best advice for investors but rather to excel in two areas: banking and ranking": Overrecommendation of securities, especially poor new issues, can result in much higher investment banking profits at a firm.
Interviews with former analysts, each of whom has worked at a variety of large Wall Street firms, along with internal evaluation and compensation documents from many of them, provide even more evidence that in recent years research analysts were driven not to provide the best advice for investors but rather to excel in two areas: banking and ranking.
The Auction 2012 series explores the ways industries influence policymaking in five areas: banking, energy, health care, trade and education.
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The objective of this paper is to identify the main determinants of non-performing loans in the euro-area banking system for the period 1990Q1-2015Q2 usinGMMMM estimations.
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