Who actually trades on sell-side analysts’ recommendations
“A Merrill Lynch analyst improperly gave advance notice of his stock ratings on Tyco and SPX corporation to three institutional clients prior to the publication of those ratings. ... of brokerage firms, those firms with at least 2, 10 or 100 initiations. Table 6 shows the number of brokerage firms in each test group, the total number of ... ................
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