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The past few years have not been kind to Wall Street's equity analysts. Accud of helping to inflate the internet bubble, new regulations were impod upon them after it popped. Rearch budgets subquently tumbled. Fund managers are increasingly bypassing the widely distributed wares of traditional rearch providers, turning to specialist firms instead. Less than six months ago, Merrill Lynch's head of rearch complained that Wall Street analysis was being “Napsterid”, or pirated. Some big financial firms, such as Prudential, have clod their rearch arms. Others are pondering their future in the business. To cap it all, a recent study suggested that it was all too easy for companies to buy the loyalty of tho who cover their stock. The analyst's heyday would em to be long gone.
逗组词
But times are changing again. As markets sputter, analysts are regaining some clout. American shares plummeted on August 28th partly becau Merrill Lynch's Guy Moszkowski cut his rating on veral banks. Another Merrill analyst had earlier caud an even bigger quake by downgrading Countrywide, a big mortgage lender. And shares in Bea
r Stearns leapt when Dick Bove, an analyst with Punk Ziegel, merely pondered the possibility that the broker might receive a cash infusion from a foreign investor.
One explanation for this revival of influence is that, with markets so febrile, any shift in opinion is bound to have an exaggerated effect. But there may be more to it than that. As uncertainty grows, investors em to be placing a higher value on rearch than they did only months ago. There is nothing new in this, reckons Mr Bove, a 40-year veteran of the industry. He asrts that nobody cares what analysts think in the good times, when what matters is deploying your money as quickly as possible. But the tables quickly turn when markets fall, as investors ek to steady their portfolios. Mr Bove argues that the golden age for equity analysts was the long bear market of the 1960s and 1970s, when advice on how to avoid losing money was highly treasured.
Another factor is the loss of faith in “quant” funds, which trade using complex computer models. Their recent problems have pushed investors back towards “more bottom-up, fundamental analysis”, says Lara Warner, head of American rearch at Credit Suis. “去旅行英语People suddenly want to understand what they're holding.”
Recent structural changes also play a part. Since the “Global Settlement” of 2003, which vered the links between investment banks' dealmakers and their rearch departments, the banks have begun to tie analysts' pay more cloly to performance. Bold calls earn bigger bonus, if they prove correct. Ideas that stand out, and are thus valuable to hedge funds eking “alpha” (above-market) returns, are also rewarded.
The audacity of some analysts stands in contrast to the spinelessness of Moody's and Standard & Poor's, which showered complex structured products with top-notch ratings and then twiddled their thumbs until they could no longer avoid downgrading them. By growing too cosy with their paymasters in structured products—the banks that package them—the rating agencies have ended up hopelessly in knots. A bit like equity analysts during the dotcom boom, in fact.
6月2日1. According to the first paragraph, which of the following statement is true about the Wall Street’s equity analysts?
规划先行[A] Their value were verely doubted and criticized by all.
[B] They were accurd of exaggerating the values of the internet stocks.
[C] They were facing the rever trend of their business popularity.
[D] Big firms were beginning to abandon them.
2. The result of the study mentioned in the first paragraph implies that_____
[A] the company need not Wall Strett’s equity analysis any more.
[B] the stock holders are less depandent on the equity analysts.页面升级
[C] suggestions by the Wall Street euqity analysts are worthless.
[D] shareholders are more sophisticated after the internet bubble popped.
3. The analysts are regaining their influence recently becau of the following reasons except_____
[A] the investors need more suggestions on their portfolios.
[B] the market is now turning to be more tolerant of analysts’ exaggeration.
[C] the analysts are parated with the banks.
管理经验[D] the quant funds have some problems in trading.
暗尖钢笔4. Who are more likely getting high pays from the banks after the “Global Settlement”?
[A] analysts who provide bold calls on the equity.
[B] analysts who could bring good returns for the funds.
[C] analysts who could provide correct evaluations.
[D] analysts who could hedge funds.
5. The rating agencies are a bit like equity analysts during the dotcom boom in that_____
[A] they tend to inflate the value of internet stocks.
[B] they have too clo association with their clients.
[C] they have not evaluated the structrued products properly.农历七月十五
[D] they were reluctant to downgrade their products.
