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But other, smaller research shops are not, and two of them issued reports on Wednesday.
The critics are more often found on the periphery, running hedge funds or working at independent research shops.
Citron is one of a handful of research shops that have taken aim at so-called reverse mergers involving Chinese companies.
The government investigation into Level Global came as part of an inquiry into hedge funds' use of expert network firms, which are research shops that connect money managers to public company employees.
And last month, Thomson Financial announced plans to publish In Context Reports, which will use data from more than 1,000 research shops to show investors how analysts stack up against their peers.
This year, the development of cheap new editing programs and fast video distribution through sites like YouTube has broken down the barriers, empowering a new generation of largely unregulated political warriors who can affect the campaign dialogue faster and with more impact than the traditional opposition research shops.
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But the heart of intelligence operations in these campaigns remains the research shop, with opposition research occupying an almost hallowed place.
He works at CLSA, a relatively unknown but important research shop, owned by a French bank that encourages its analysts to pursue independent lines of inquiry.
But Mr. Graham said that if a firm could provide quality offerings, it could survive or even thrive as a standalone research shop.
Brian McGough, 36, considered himself a rebel when he left Morgan Stanley in early 2008 to help start an independent research shop, Research Edge, in New Haven, Conn.
"I'm very surprised, particularly with the timing of the pay wall going so well," said Craig Huber, an equity research analyst at Access 342, an independent research shop in New Canaan, Conn.
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