The world of 'independent' securities analysts
Sometimes, it's the sound of silence that is loudest. As the debacle of Oxford Health's funny numbers unfolded, the analysts who had been scrutinizing the company did not walk away with any prizes. Why hadn't they noticed what was happening?
In the last year, the reputation of sell-side analysts as a group has been suffering, as academic studies and articles in magazines from Fortune (October 27, 1997) to Investor Relations (April 1997) point out that analyst reports with 'sell' recommendations
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