Preserving market integrity

Alex Proimos

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The work of equity research analysts has come under considerable scrutiny in the wake of a number of scandals involving serious misconduct by high profile members of the profession. The work undertaken by analysts is an important component of the market mechanism, and in particular, the efficiency and integrity of that mechanism. A number of recent regulatory reforms and policy pronouncements suggest improvements to the manner in which analyst activity and recommendations are managed, in the context of broader investment banking organisations in which many analysts are embedded. This paper reviews a number of these prescriptions, and also sets out the results of a survey of practices adopted at a number of investment banks employing equity analysts operating in the Australian market place. Some relevant policy prescriptions are yielded from this work and set out in the concluding section of the paper.
Original languageEnglish
Pages (from-to)8-17
Number of pages10
JournalJournal of law and financial management
Issue number2
Publication statusPublished - 2006
Externally publishedYes

Bibliographical note

Publisher version archived with the permission of the publisher Macquarie Graduate School of Management, Macquarie University, NSW, Australia. This archived copy is available for individual, non-commercial use. Permission to use this version for other uses must be obtained from the publisher.


  • equity research analysts
  • regulatory reforms
  • policy pronouncements
  • professional misconduct


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