Hi all,
I know that research is a totally different animal. Does Research play any role when, let say, a coverage group is pitching a deal or working on a transaction?
Thanks
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you steal their projections. beware of the chinese wall though
Research does not play any role - it is illegal for IBD to interact directly with Research on a deal
Thanks guys. do you mind to explain why it's illegal? Thanks
Because as an analyst, if I know Company X is going to issue equity soon, likely causing the stock to drop because of the dilution, I might go out and put a sell on the company before it happens and tell our accounts to sell or short the stock. Or if I know Company Y is about to be acquired for a big premium I'll go out and upgrade the stock and tell our accounts to jump into the name.
Research does play a role in investment banking business, but in obviously a regulated one. In research, the analyst's views on a company can often dictate whether a company feels inclined to do business with the banking side (main motivation for the wall). Also, if banking is launching an equity offering / follow-on research needs to get on board and help educate the sales forcce as well as come up with a valuation for said company.
I even know of a few companies whose management loves the ER analyst so much they end up giving business to banking.
Obviously research has its own goals / targets, but it isn't completely cut off from banking.
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