Buy Side Rec Performance MS May 2012 v2_a64d9e6b-fca5 …
In addition, we find that the buy-side firm analysts’ stock recommendations are less optimistic than their sell-side counterparts’, consistent with buy-side analysts facing fewer conflicts of interest. Forty-four percent of the recommendations issued by the buy-side firm are . Strong Buy. or . Buy. ratings, versus 56% for analysts at sell ... ................
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