Writing Securities Research
A Best Practice Guide
(Sprache: Englisch)
Writing Securities Research: A Best Practice Guide is a practical guide to help global and local investment banks and securities houses publish their securities research in a compliant way. The book covers the broad principles involved in giving investment...
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Writing Securities Research: A Best Practice Guide is a practical guide to help global and local investment banks and securities houses publish their securities research in a compliant way. The book covers the broad principles involved in giving investment recommendations to institutional and retail clients: fairness, truthfulness, integrity, independence, transparency, accountability and consistency. A clear distinction is made between "research" and "non-research", and the different approaches and approvals required in preparing and publishing each are explained. Securities- specific issues addressed include: conflicts of interest, disclosures, insider trading, front-running, and selective distribution. These are explained through the use of actual case studies taken from around the world.
Klappentext zu „Writing Securities Research “
In light of recent developments in global legislation, the role of analysts has become more complex and challenging. Many analysts seek to understand the underlying principles behind current laws and regulations around the world that have been prompted by Sarbanes-Oxley.Writing Securities Research: A Best Practice Guide helps analysts to understand the regulatory and best practice issues that they constantly face. However, the advice contained is not just intended to help analysts stay out of jail and avoid penalties, it also suggests ways to write better research reports and be competitive.This practical guide examines the issues that regulators and the press find important, including the definition and supervision of research, sourcing of information, insider trading, front-running and selective distribution, libel, copyright and plagiarism, conflicts of interest, and use of e-mail. These are explained through the use of actual case studies taken from around the world. The bookalso shows how to present recommendations, valuations, forecasts, risk assessments, and sensitive issues such as rumours&M&A speculation, politics&religion, and retractions&apologies in an acceptable manner, again with practical examples.As such, the book is a useful reference tool for all securities professionals around the world, including equity and credit research analysts on both the buy and sell sides, securities research managers, financial advisers, wealth managers, financial editors, compliance officers, supervisory analysts, regulators, and students of finance, especially CFA students. As Dr. Mark Mobius, President of Templeton Emerging Markets Fund, says in hisforeword to the book, "There is a strong need for this book, it is relevant in any setting, and it will equip analysts with many useful tools to help them achieve success." The inclusion of the Alex cartoons to demonstrate serious issues in a light-hearted way is an added bonus.
Inhaltsverzeichnis zu „Writing Securities Research “
Introduction and executive summary1 Principles of research
1.i. Summary
Research coverage (definition, supervision, competence, accountability, fair treatment of clients)
Reasonable basis for recommendations (consistency of recommendations, reason for valuations, changes in valuations, risks, under review)
Sourcing information (verifiability of information, rumours)
1.ii Supervision of research, the realm of "research"
1.iii Honesty and fair treatment of clients
Unfair treatment of customers and selective disclosure
Front-running
Insider dealing and selective disclosure (public information, materiality and price-sensitivity of information, sourcing of information, fair disclosure)
Specific requests and proprietary information
Translations
Unfair portrayal of past recommendations
1.iv Sourcing information (protection of sources)
Rumours and speculation
Defamation - libel and slander
1.v Reasonable basis, valuations, and risk
Consistency of recommendations (explanations for inconsistencies)
Valuation support (valuation changes, pro-forma accounting)
Risks and volatility (ranking of risk, valuation risks, information risk, corporate governance risk)
1.vi Research integrity and recommendation consistency
The problem and principles (It's either "research" or it isn't, Buy means Buy, Sell means Sell, integrity of research, consistency of recommendations
Be consistent or explain apparent inconsistencies (recommendation and target price, consistency of methodology and assumptions, pricing of reports, different time-frames/trading suggestions, informal recommendation terminology)
Sector/country weightings and universes (model portfolios, hedge funds, and top picks)
Technical analysis
1.vii Coverage universe - initiations, terminations, transfers
Accountability principles
Initiation of coverage
Transfer or reinitiation of coverage
Publishing of new research
"Under review"
No recommendation?
1.viii Non-research and internal
... mehr
communications
Factual commentary and publicly available information
"Internal use only"
Email
2 Independence of research and conflicts of interest
Summary
Separating research and banking
Managing contacts between analysts and bankers
Disclosures of interests and relationships (analyst certification)
"Pre-deal" research (being brought "over the wall")
3 General writing, editing, and publishing considerations
3.i Introduction
3.ii Getting the message across
Headlines and covers
Bullets, key points, and executive summaries
Publishing and distribution
3.iii Writing the text
Use the right word
Measurements and direction/degree of movement (identifying units and benchmarks, percentage movements, value and volume, rates and yields, premiums and discounts, choice of vocabulary)
Words to avoid or use carefully
3.iv Clarity, consistency, conformity, and continuity
Be consistent or explain inconsistencies
Editorial departments and style guides
Translations
Publishing independent yet integrated reports
Sensitivity to politics and religion
Correcting errors (materiality of the error, helping the reader)
Factual commentary and publicly available information
"Internal use only"
2 Independence of research and conflicts of interest
Summary
Separating research and banking
Managing contacts between analysts and bankers
Disclosures of interests and relationships (analyst certification)
"Pre-deal" research (being brought "over the wall")
3 General writing, editing, and publishing considerations
3.i Introduction
3.ii Getting the message across
Headlines and covers
Bullets, key points, and executive summaries
Publishing and distribution
3.iii Writing the text
Use the right word
Measurements and direction/degree of movement (identifying units and benchmarks, percentage movements, value and volume, rates and yields, premiums and discounts, choice of vocabulary)
Words to avoid or use carefully
3.iv Clarity, consistency, conformity, and continuity
Be consistent or explain inconsistencies
Editorial departments and style guides
Translations
Publishing independent yet integrated reports
Sensitivity to politics and religion
Correcting errors (materiality of the error, helping the reader)
... weniger
Autoren-Porträt von Jeremy Bolland
Jeremy Bolland has over 20 years of experience in the world of investments, and has worked in London, Tokyo, and Hong Kong. For the past 13 years he has worked at global investment banks, including a five-year stint at Morgan Stanley and five years as a director at ING/ING Barings. In 1997 he qualified as a supervisory analyst (SA). As an SA he approves securities research for worldwide distribution. Previously he was marketing director and company secretary of an industrial and commercial property development company in the UK. He is the author of A Guide to Investment in Enterprise Zones. Jeremy Bolland grew up in Malaysia, holds an honours degree in Classics from King's College, London University, and studied Chinese at SOAS and Beijing Normal University. He lives in Hong Kong with his wife and son.
Bibliographische Angaben
- Autor: Jeremy Bolland
- 2007, 219 Seiten, Maße: 16,3 x 21,7 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 0470822260
- ISBN-13: 9780470822265
Sprache:
Englisch
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