摘要:本文首先对投资银行“利益冲突”行为的根源及表现进行了经济学分析 ,在介绍西方国家加强对“利益冲突”行为监管的逻辑思路和具体实践的基础上 ,通过对近期西方学术界有关华尔街投资银行“利益冲突”实证研究文献的梳理和综述 ,从学术角度探讨投资银行的“利益冲突”及其对市场的影响、美国监管当局出台相应监管政策的合理性和有效性 ,以期对提高我国证券市场的监管效率提供一些启示和借鉴。
Abstracts: The purpose of thispaper is to study in detail what we really know about the nature of the conflictsof interest within investment banks and how, if at all , these conflicts have actually harmed investors. We do this bylooking the academic evidence on analysts and their work, and how the stock market reacts to their pronouncements. We then use this analysisto examine someof the regulatory solutionsimposed bythe regulatorsto see if they are sensible ,cost effective , and can reasonably be expected to remedy the alleged harms
