Discover millions of ebooks, audiobooks, and so much more with a free trial

Only $11.99/month after trial. Cancel anytime.

Writing Securities Research: A Best Practice Guide
Writing Securities Research: A Best Practice Guide
Writing Securities Research: A Best Practice Guide
Ebook617 pages10 hours

Writing Securities Research: A Best Practice Guide

Rating: 0 out of 5 stars

()

Read preview

About this ebook

The book highlights the major risks that securities analysts (and other securities professionals) face. The various laws, rules and regulations that securities analysts are subject to are broadly split into three categories: research-specific rules and regulations; market-wide laws; and society-wide laws and customs. The risks that arise out of these various levels of rules and regulations, insofar as research analysts and other securities professionals are concerned, include conflicts of interest, fair distribution/front-running of research, insider trading, spreading of rumours, not highlighting investment risks (including corporate governance issues), as well as defamation and copyright issues.

We see that if an analyst puts a company in play, a regulator would instantly assume that the analyst is trading on inside information (especially if the information turns out to be true) or is spreading a rumour (especially if it turns out to be false). However, we also see that there is a third option – that the analyst might just have come to his or her conclusion through some good research based on verifiable facts and reasonable assumptions.

Definitions of research from around the world are examined. After all, research is generally defined by its content, not by the author's job description. As such, non-Research securities professionals such as brokers and marketers of research as well as investors, journalists and even bloggers and twitterers need to understand what constitutes “research” so that they don't fall into the regulators' purview.

As regards the risks to investment views that analysts need to highlight to their investors, the book not only examines economic and financial risks but also examines corporate governance issues such as executive compensation, equal treatment of shareholders, related-party transactions and risk management.

To demonstrate the risks that analysts, securities professionals and investors face, the book draws on many cases and examples from around the world, including many from the global financial crisis of 2007-2009. From these cases we see how penalties for those involved in the securities markets have become more serious over the years. They range from fines to imprisonment, and even to execution in some markets. To give a light-hearted angle, many of these cases are accompanied by “Alex” cartoons.

LanguageEnglish
PublisherWiley
Release dateDec 1, 2010
ISBN9780470826966
Writing Securities Research: A Best Practice Guide

Related to Writing Securities Research

Related ebooks

Investments & Securities For You

View More

Related articles

Reviews for Writing Securities Research

Rating: 0 out of 5 stars
0 ratings

0 ratings0 reviews

What did you think?

Tap to rate

Review must be at least 10 words

    Book preview

    Writing Securities Research - Jeremy Bolland

    Gdbook_preview_excerpt.html}rG寤ٮfnnf*$6UB^JyAԽ/omO{3?ї[cc̸xw?muw=3퇮m߽wg*h7CɇO~m}seK ~6볦h|'ǭn/uǿm|?+l0|)dVqڱf-SX],db)J{C./{p/[ATƦz-2YllsM͚,;a:w2E/g+;Zo?]ضpr4*b'/޶|jV8W;k|2o;y|6_?Zcu DkY![{a^}Cwkd CtQ9EDo3ƻ:ll ; ^ Lfx-1BkoeDL嬊ggah(Czg˓\VA$NDR m߆5lZݦ㱂fa5m/|Zò//2,5+/;+Wj]}&K԰Tu|l(}/B-uBAr庙O5%>%XdⰈ>{ת0{DbKt?¶RfZu>'*+lʮ6YO[<y;3^:ؓ 9.{*:ve=|M:~0<Dn}?H}J;90xj'_ F1 TQV;"*ۖ^dӒL0э)Oc!4WcD9JtĖ/&ly&[ͼ T[2qR-hf/:ΠC]K,cZǬ{LۖYD忏.!'7s^Dh܉2c5KOm+;"roJ q\6F\ʞfB{, 3V:g6shQlo\e;|^aHX^fRCB m @,C%h(D:٪zU>B<=FCcI6#y3 ]Ӵ|] ""N*2{ݶã''ĤMvo~(tM'KTl1>Ղ8b[::v':Q:ON6*H d Z;cd|!ŸC/Q51 bINE+{ يjqpEzp Tr`3@, H< $W҇hU>_tiM k.|m-N$[yȁ`7?ޅ ?H Wv&(Ӳ%Cm2$[!W_|W^bjDЈS3ۉ-bA:M䩷P#%hίKލZj2)K2:m{ SCJbH݇@, `%' auXOAIT1R08X m] <`[ +H3s$BNu /4Zz|F* jG>Z2GDTn˖*:O %֘*@cOTk+3I?8Gн/L0qG+ݩhG7 7Ez,';0cH'"7(( j {,WT #ky{,*|N5nY8tjBc6v\ۘ`#^y;tOBCCDޑJ~IB't/tqH+2 , ʲzdL u3f-!glH\#/bL^_#<)-/f#hf/ǽ4S8[8@V!(=sdp>0 䧺:"b5@(㰥<r 39dMe֝ he h7nFWnܶB4,,Oؕ2;gQ]b}}vnSaAR(a CS0!TaK)o0Ơ qyjGr `0e+ _6Q G bu^*~`N#+z\TPnai,)ګ"Ot zw se#Q}a6iNl'wF0Ȑ[$l1j*j(H *DDTSPC`}>Ruq XA݊EФam˂ab\w1Z \v讓~2&Ms:X&1 Zɍ!oF,=ݛg?pqaP>HTvo?Tg[F>S9s2+[>%J4=& v.~vk.w~&kvdJݖy E#wY,OVArX52pm?AI/J'vN@YD|Ϡ|i7y(Q]!Ga$eBsn.z`(&OY|!Yw[HAtř4/|5r9=(]бu2Z# 5#U?c$E"a'MAEO&Ѥڱ:g(W5Hh[UQS"Tvȶ33"1 Ek2| ~R9;M22b[-`6LMUl|1*,L,agL6fN:!VaeʃMYŅlby6z]q ᴙ*KbtdQ=bϞ N JQhf]겟90 kY\L&n I3xa*j4u}]GéH54b E.w,aKGQŪD8Dڢ)X"e%V W MyRA<|-JEY^u A1%+&"E;9K9s?ZGY!YB)FaYf{f"p 70&}#Pn!Ymcj@U[lmgŸMk 5Y}5 _2*`4rMX'ug"֯&(jx{g]ͬF"|.2˒o4bX04|Q >y;zyXSjn+('0ݦ$?]P\οUue9ʴziVw7$E23fUda6]N!4Ot61VL]d3}GAROQws, ۶ nY˱Lͯou  p< gfC&Xo#9cӶ[Jxyvm(B '1J,6Adr4^" F/LsBD  =#`Bdad=&&xy)UV8p}*l,Dc90AZ>g8a.x; ' .1Rd81l[LtAh?Oh+㗩H5& NwV`"!ܧNӰ7lMΕHcD==ElI) y6gɰ2sJfb!)Yv,Mf+SQx̷) řŠUZP2@-r ;CAe2FY BY{drQ'A8et:w u/?$|'1?L?M4*ߋs3l̪P5wQaFCXESdʣCؕYal@0Vy8tP f^9a1؉YN0-!Z0 Oi =:?>Ab›O1=J{{17Q@5+L9^GBF[ $ƒXձ:R\@~p)>bA|q[=E>K/fG/B-T2,)z֓ʣѦPo%֠{ nvLC'Z#aJȨuM`ƭM A[ (PJmF PGCr*L,&P&0w[, .læF 6Z2$Ur/Iz&o4[@MCTjO\%:Ff;zNP_Ѝkެmt+r);``h}n4TjM9]+k9ӵCXUy M^ޖeTV8M$ tuGB U2hoP*Hǂ;bI!ǼE*٪CKoJnB"F?y%hInÙCPOrQw1=RG) ځ2*Y[PusJi>: &!{cX\S~no 2DѦG"Rr??$r!_-c:p8~cC&&FOVp ohOg8zc%q>ؤd--Μ =k\#PFv<ƅ11 iȡ)E`KcJUKeZ@s@iIF֩usH 0:l|t_ٓOVq vXR-9]fE·7xaN@r6ǨbB_+[>cI l_XLËܜ3"ؐB$`1sj46-bX<c'ZR͠2*cf l\]qg*o|UnpvHKLQpfKJNN{^Ť\vF".=8tBd3V-B*46,e7\S))k80'4dؔ΃tY Bd9Qm kU:JO/HӌmJ9);l[cX{]$*X6nBJF}MJjIj4K6U@> :}J-b?塂0REz !1(֩nēD-5ǒc5:h¢ՀB'< o8 !ʶ8Ibp,P4"|12-y8nBf? \EkWYQ@ &@ p,¹fa1#b 9c8#v]Iʂh`IǞ]A@Ϸؗg5T Ogjk-VIEUkZƇ֘SwJė(Z>PNѝPbn1mPPM6[ʐewd6 `}nt3;k}EeXb6 2]N:m1)u5 I2N]pp)T8Xe9.a/ؤ)u漖Nߧ I(E۱hYc~Eǥ+" `eGWb -,ش刢AnN.!2a mk}.kpC!p@!Ӿs=O (E$JjȞ0b5NT?.F( T3PʒJVp1GCiBV/CF5n*WȮjulP)%?²ʂպ}'ҴI2Rm~q{ez \/m'BbKNhjEӂ bdsb>t(q#"W#d,y_Qf AA4P,!me-L%Szm KD 0/y^ti:L= ]KSM~<G̙e~E7GVi)ZzS/:ʙ Z`+vW?Lw&WXLPwam Vo@=(XMJI4ԻDTtJc74ThU2 LqO,kqPke# =˹Sjb; WɂfxuĀ*Seڥ~MgƘN/Y _K$Ei}Bv6 {x0\;N)+ iI+p^s>@[EI6(dzXq:AגF CA\ykomW9:>[/hsh#*\@iF+ :eUjHPƣ&&}_AM]ai`-"aMFХ+xX]U ]]C Rg ݦQҩfW&4?L2yI]hZgm mukvV#0qd2pwkSkxf,G[7dpeh^e^xq& "=GM/0Xsc犇!O8jB \('[so+3Z<8t5Tda(5ݞLaǨZ 2`5Â_XrJ @ IEΩ,9 +oK[kUDUXJ2DBwPIxQ͉Z}9ȦERe@䌞n`.p2wx]VzSAyۈgZv9 pR|]-b]j#l> JYqиSC~u޵{`{vNqy`ImBj*q{6䭱XvT{ƀe7c4pQu-t|hrDmͷ.uvzkl j3>c{P!EV2n+ #W(WXZ/105Lh]q_%}TƽEO+GP֣.]Wa#EqeP)0iTꛀb 9g"XG Ι%cSsq.pBP*XW| fˢ-%L 2=I&Y+lyݯgҠNj6aO-VBW#C a>PםA1V(U]59#U@Dٮ<\bXfToε$PKxNT2oLr"|3U[]'od R7T*7)62ԝ"Y ZWZcXCalȫOk1|h!5ҕLN4 ӯEJ̵qr= 7 Cx,_٢zŞŴujuLn~|`@MeD#aO :P#Cm+a@ A x?#lxen/>{R>"SA +m#g#jV̠-ؿ[ v94* qBkRGKqT!jńm_;6қ`ԲY.)M*"C @<0Xpe^ ЗwUZEZ܌}¬Zxc^]Ջ[-PVI([FSǐRos=Ll{}2nxFAYSGxF8 ;h:@No4.Rk-JJf]3,m26dERvO]?Rs:e$c5'676 Metgi~h=&oή&!߹d Σd[y4 svO^+DT\  Wՙ!lUR DQM)'ήE2B4.<1`!cd$D uќzB$tjz&TA}5iKzV! vv U%aEb"y`0յ3t a %un-6Lw+DQDxxL3ki\zm"0jjUX@|ybo\NFTEX8%< NʹP$=_B^'}^oruecS2 V%cf*1C8Uv`F}CbA@ [[)^_Fh|YIl \щbxapk:C2>o e鴧6EIX_~o"-;8x9SJsia)MDj{ӥKI3sT[Dt9b4 ȞN%<3RZhzؚr/B՜FSMyN fM?m o||a8w; U/8vqE2ʆ #IK6yWjL, a&ܖ᝜̱wro5@qĽ%4،ru4HCu,s]t=5ɼxh}d]c\~ 7rJbR|Oke$`Ncr`PSA1w> &r7?'aZo0})q*܋U(n'-gZ7_}MJBksK*76L+KY3t5/HPNìu ~ 낟<vv' Y..U9;ny6*2%s\ UpOI bĀyoӱJg?˝7jQbG67Ԅ 33s|ՀܵˢW6,P$֍BVv,5y|96v{Fxɢp'ߤqD+c7nZS5y}Wj4> O u^)UE]jz𶘘Pg̾eĆhmqM+QfĎ뱋wp}3#WW܉do"B6.i,J2H7CSʴ/po4G%=STfnfM9>JaEsM(9B#%[>ײN%( u,*O % O<4n`+)$kܽMa[្ (jG/&v7`w8I=%kgVSdLq%Ilݶ[-rW"v }!tKǸJ]ZײxѦgi+:q ZV, +/0BBOJR{';豔`bN2\,݆Hгnեm!̱k8Xa[>=mOQ4H]~v7fg=qՍL k=8HIZ<9 _Qk1͂ܠw_ AI;MLAQsXES Zxֵc1ݩG?>|g׶c%V6د$gMdAX/Es 2QZ]tԄ{o26lrfJzI9+T-Qm&_kn5˶e ~Dpɱ98X B~7Ò˩!l}r?=N~^@֨o]]|l!JE=5DD80QeZHĊ UhئVMxyjKv-2{!CrشfԷ^q;G1)/db(̜tvH/XAueIg͛:F0;HЋ*Yq^oTt~4D? ݄"=,b$v0=X_]70d["z%uڑ*rӟ*[ΉQv7ם %uXz=v]dq'b%>eQiBLY,3pupaꝊ wU( ikZsrʨD DFf_\Ҹ&2\*4 Dtu O;1Uv>vCy9h!:)ՇrWKQR;j m467J;.Tҩ7Q!ıE`sE8͋Rr }얒&XFZfYzbD ;S6~ Wg*Ql؁V:5d,KB$`$s=4쏨ڂ]'Sۏ {A>1-1RmƬ}7%Cg tNfzZMGrqh1L̽0EYDQ9$b/W"P7j]u,vl0\&Ң'#둻ptܴwS@ #ž ƥqCtLV0{Ea0#+Ja*$Y촐NmY C W &jjFkNr҇5AxUYywmp1SjJu?57K S޴'gJ{͋oGꧺM1{%'O}n"I/#)֤Y%G3m]ZrkuM .X]ZST:V9vv{No? o8;$F}Y t׋E~IY{ 5e>L18eFȥM† XU/T֠6/=_8O@z=hM^hac+N ZY#lBUY8Q1zj x+;e&8łNfc]Umb RSFb- dc[|.$ش|Y ĖnbC]L鏧YlBfyD\q'qvsq"85a9FtޗuyD?VQA "Z`JkTXvhڤOS#ӑYԆ@klSfe8t50_H[N^ЊCNF`dlgԽHu456n(V xﰀ,XUbFBb#gH6/ݬ5# M/3{^=`cLjԸyF) ]F32 p`b+BWr4#ygZjF^b<;[1BJ#x-~0;hѱ`٭)P lx?<5>5,LA[(*u=̡hOX"U'LO-*zN05!eE Vцܩ}2-Q=ێ$u(l] 1Fʺh=h?Li56Skp*D1u){fD tE6:Qprtɗ3 $7 R(&~eq|Bx_>ld@T_rp9Hvjy Wr3F$~/umn 03=D*@?kyH]R+U#z<_\`(h}@k(CFׁRNFR?
    Enjoying the preview?
    Page 1 of 1