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Vers une analyse financière indépendante ?

Author

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  • François Degeorge

Abstract

[eng] Toward an independent research industry ? . We analyze financial analysts’ activities and their added value, the pressures on analyst independence, and the 2002 Global Agreement in the US and its impact on independent financial analysis. Financial analysts are potentially confronted with many pressures on their independence. These pressures are inherent to the multiplicity of their activities, and are not necessarily due to conflicts of interest. The 2002 Global Agreement, at best, can only solve part of the problems it was supposed to address. At worst, it may have unintended negative consequences, including for investors. . JEL classification : G18, G21, G24 [fre] Nous analysons les activités des analystes financiers et leur valeur ajoutée, les pressions pesant sur l’indépendance des analystes, et l’accord global de 2002 aux États-Unis et son impact sur le développement d’une analyse financière indépendante. Les analystes financiers sont potentiellement confrontés à de nombreuses pressions sur leur indépendance. Ces pressions sont inhérentes à la multiplicité de leurs activités, et ne sont pas toutes à mettre au compte de conflits d’intérêts. L’accord global de 2002 ne pourra résoudre au mieux qu’une partie des problèmes auxquels il était censé répondre. Au pire, il pourra en résulter des effets pervers, y compris pour les investisseurs. . Classification JEL : G18, G21, G24

Suggested Citation

  • François Degeorge, 2005. "Vers une analyse financière indépendante ?," Revue d'Économie Financière, Programme National Persée, vol. 79(2), pages 221-227.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_79_2_3983
    DOI: 10.3406/ecofi.2005.3983
    Note: DOI:10.3406/ecofi.2005.3983
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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