NASD Rule 2711 and Changes in Analysts' Independence in Making Stock Recommendations

• Main Authors: CHEN, Chih-Ying, CHEN, Peter
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2009
• Subjects: Accounting; Finance and Financial Management; Portfolio and Security Analysis
• Online Access: https://ink.library.smu.edu.sg/soa_research/273; http://dx.doi.org/10.2308/accr.2009.84.4.1041
• Institution: Singapore Management University

This study provides evidence of changes in how analysts generate stock recommendations after the SEC's approval of NASD Rule 2711 in May 2002, which introduced regulatory reforms to enhance the independence of analysts' research. We investigate the relations of analysts' stock recomme...