TAILIEUCHUNG - stockmarket_-_pump_and_dump(pdf)

A Market Full of Bull? In the immortal words of Jack Nicholson in Easy Rider , “It’s hard to be free when you’re bought and sold in the marketplace.” That statement applies to Wall Street securities analysts, who certainly are not free to openly voice their opinions about companies tha they follow because they are employed by fi rms that earn millions of dollars in fees from these same companies. To appreciate the predicament of the pied pipers of Wal Street, consider the case of Biovail Corp. and drug industry securities analyst, Heman K. Shah | get Abstract J compressed knowledge Focus Leadership Strategy Sales Marketing Corporate Finance Human Resources Technology Production Logistics Small Business Economics Politics Industries Regions Career Development Personal Finance Self Improvement Ideas Trends The Pied Pipers of Wall Street How Analysts Sell You Down the River by Benjamin Mark Cole Bloomberg Press 2001 234 pages Take-Aways Generally speaking stock analysts aren t objective. The days when analysts first duty was to the retail investor are long gone. Analysts have become media darlings who hype stocks. Investment banks which employ analysts earn millions of dollars in fees from the companies that analysts recommend. As a result analysts are beholden to institutional interests. Many brokerages take equity positions in the companies they tout. The influence of financial news shows has increased analysts power. Of the 33 169 stock recommendations made by brokerage analysts in 1999 only 125 were sells. Analysts typically leak their recommendations to institutional clients before releasing the news to the public. Some experts suggest requiring oral disclosures for financial news shows stating that analyst advice may not be objective. With a few exceptions analysts face no consequences from the SEC. Rating 10 is best Overall 9 Applicability 8 Innovation 9 Style 9 Visit our website at to purchase individual abstracts personal subscriptions or corporate solutions. getAbstract is an Internet based knowledge rating service and publisher of book abstracts. Every week subscribers are e-mailed a short abstract of a different business book. Each abstract contains an overview of essential ideas from the entire book. Excerpts from this book are reprinted here with the permission of the publisher. The respective copyrights of authors and publishers are acknowledged. All rights reserved. No part of this abstract may be reproduced or transmitted in any form or by any means electronic photocopying

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