Details

Finansanalytikerns oberoende : En beskrivande uppsats om hur finansanalytikerns oberoende inom en investmentbank främjas

by Ahlengren, Carl-Marcus; Andersson, Per; Hemmingsson, Christoffer

Abstract (Summary)
BackgroundWithin today’s full-service investment banks conflicts of interest related to who’s interest that comes first appears. Within this process the equity researcher has a fundamental profession and is exposed to conflicts of interest mainly towards the corporate finance department. The equity researcher’s independence is of importance since the analyses have impact on the determination of prices on the securities market.PurposeThe purpose of this bachelor thesis is to describe how a number of Swedish investment banks operate to promote independence in the equity researcher’s profession. To describe the independence, conflicts of interest between the equity research department and the corporate finance department will be described. This situation chosen because of the problematic situation concerning the equity researcher’s independence that appears.MethodA qualitative approach has been chosen to fulfil the purpose of the bachelor thesis. Three personal in-depth interviews have been conducted with investment banks as well as the Swedish Financial Supervisory Authority. One additional telephone interview was conducted with a company promoting itself as an independent equity researcher. This together gave us three different perspectives of the problem.ConclusionThe investment banks promote the equity researcher’s independence by creating conditions to maintain a high integrity in their profession. These conditions are created by following the law and the recommendations given by the Swedish Financial Supervisory Authority. Together with internal rules and incentives, the equity researcher’s independence towards corporate finance will strengthen.
Bibliographical Information:

Advisor:

School:Högskolan i Jönköping

School Location:Sweden

Source Type:Master's Thesis

Keywords:equity researcher investment bank conflict of interest ipo

ISBN:

Date of Publication:06/21/2007

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