Rus News Journal

According to analysts...

the opinion of an analyst resulted in the text adds publication weight. The Russian business mass-media widely quote experts of stock market a year three, in the western mass-media this practice has extended much earlier. And, probably, therefore western fondoviki have come to understanding that opinion of an analyst biassedly earlier. And sometimes and purposely subjectively. Last week the management of Nju - Jorksky stock exchange (NYSE) has offered the American commission on securities (SEC) to enter concerning newspapers and magazines accurate requirements: to oblige them at the reference to opinions of analysts or investment bankers to mark, whether commentators in any relations with the companies the forecast on which give consist. That is the American analysts if have not accused, at least have suspected of an involvement. In Russia similar suspicions too would have under themselves the bases. Here an example of a situation, which in life of the author of the business paper - one million. The bank analyst willingly discusses with you results of activity the companies that or its other projects, chances of success and so on... In conversation it is frank, but will allow to print only that information which or komplimentarna, or is neutral: or it is good, or anything. An explanation here idle time: colleagues - bankers hope for the contract with the company discussed by you, and it will not be pleasant to them, if their analyst criticises the potential client. If the contract takes place (for example, on carrying out road show), the analyst will improve recommendations concerning actions of the company served by bank (with hold - to hold to buy - to sell) that will force it to filter news not only to the press, but also to clients of bank. After all the negative information will not be combined with the recommendation buy . On idea, such analyst should refuse to give comments to a press - at least concerning served by its floating of a company. Such really meets, but it is rare. Really: employed, say, MTS or Vympelcom the bank should forbid to the analysts to discuss any events of the Russian market of mobile communication with journalists. Because all these events inevitably concern the largest players - the same MTS or Vympelcom . But then analysts will cease to quote. It is bad both for analysts, and for bank - it will be mentioned less often in mass-media.
bias of estimations of an analyst can speak not only relations of its employer with the discussed company. Relations can be built at personal level. If they are built competently, the analyst will obtain from the company some data earlier, than they will be officially published. As reciprocal courtesy the analyst, matter of course, not begins to point attention at the negative moments of activity of the company. In that case even the recipe from NYSE will not rescue the reader from the biassed point of view. In a note you will not specify: As considers Tony Fjuneralski (results of activity Vodafone gives to it before others... so you will not write. By the way, it is not so clear, as citations of analysts in the American publications if SEC will accept the offer of stockbrokers will look. Representatives of editions have told at once that new rules can lead to unpredictable consequences . Though, in my opinion, consequences will be quite predicted. The reader will present with a fait accompli that the note plentifully seasoned with loud names and beautiful citations, not is truth in ultimate authority. That the points of view of people expressing in it are caused by set of factors that opinions are subjective. Or analysts will start to leave pages of editions. For example, financial group Prudential Securities in the middle of November has forbidden the employees to give any interviews to a press. No comments.
IVAN CHEBERKO