Regulations and Brain Drain: Evidence from Wall Street Star Analysts’ Career Choices

Volume: 65, Issue: 12, Pages: 5766 - 5784
Published: Dec 1, 2019
Abstract
The Global Settlement, along with related regulations in the early 2000s, prohibits the use of investment banking revenue to fund equity research and compensate equity analysts. We find that all-star analysts from investment banks are more likely to exit the profession or move to the buy side after the regulations. The departed star analysts’ earnings revisions and stock recommendations are more informative than those of the remaining analysts...
Paper Details
Title
Regulations and Brain Drain: Evidence from Wall Street Star Analysts’ Career Choices
Published Date
Dec 1, 2019
Volume
65
Issue
12
Pages
5766 - 5784
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