Produktbild: Writing Securities Research: A Best Practice Guide

Writing Securities Research: A Best Practice Guide A Best Practice Guide

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

März 2007

Verlag

John Wiley & Sons

Seitenzahl

120

Maße (L/B/H)

21.7/16.3/2.4 cm

Gewicht

528 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-0-470-82226-5

Beschreibung

Rezension

"There is a strong need for this book by Jeremy Bolland, which dissects all issues relating to securities research. The requirement for better research does not only apply to the US securities market but to securities markets all over the world. This book is relevant in any setting. It will equip analysts with many useful tools to help them achieve success." (Mark Mobius, PresidentTempleton Emerging Markets Fund)
"Jeremy Bolland's book is essential reading for all people involved in writing securities research. Moreover, it is not just a technical and legal guide, but also a timely reminder of the principles of good writing." (Andrew Leeming, Author of The Super Analysts)
"Knowing your ratios and spreadsheets is no longer enough to become an investment analyst. As Jeremy Bolland points out, you need to know your do's and don'ts of how to approach clients and companies. This guide to doing it properly is an obvious selection for the bookshelf of anyone who aspires to offer investment advice and a fine reference for anyone who receives such advice." (Jake van der Kamp, Financial Columnist, South ChinaMorning Post)
"At last, here's a comprehensive yet easy-to-read guide explaining all the best practice principles involved in writing securities research. It is full of useful information. If all securities analysts followed the guidance that has been clearly laid out in this book by Jeremy Bolland, research enforcement regulators around the world would be out of a job. Anyone who is involved in writing and publishing research, or using research for investment decisions, from the novice to the expert, should read this book. I highly recommend it." (Anthony Espina, ChairmanHongKongStockbrokers Association)

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

März 2007

Verlag

John Wiley & Sons

Seitenzahl

120

Maße (L/B/H)

21.7/16.3/2.4 cm

Gewicht

528 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-0-470-82226-5

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  • Produktbild: Writing Securities Research: A Best Practice Guide
  • Introduction and executive summary

    1 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 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)