老师，您好！ volume 1教材上23页第三段： Given the symbiotic relationship between research and investment banking，the traditional approach to building “firewalls” between these two functions must be managed to minimize resulting conflicts of interests. It is critical that sell-side firms foster and maintain a corporate culture that fully supports independence and objectivity and protects analysts from undue pressure by their investment-banking colleagues. A key element of an enhanced firewall is separate reporting structures for personnel within the research and investment-banking functions. For example, investment-banking personnel should not have any authority to approve, disapprove, or make changes to research report or recommendations. Another element should be a compensation arrangement that minimizes the pressures and rewards objectivity and accuracy. Compensation arrangements should not link analyst remuneration directly to investment-banking assignments on which the analyst may participate as a team member. Firms should also regularly review their policies and procedures to determine whether analysts are adequately safeguarded and to improve the transparency of disclosures relating to conflicts of interest. The highest level of transparency is achieved when disclosures are prominent and specific, rather than marginalized and generic 对这一段整体不太懂，尤其是红色标注的那句话，A key element of an enhanced firewall is separate reporting structures for personnel within the research and investment-banking functions.请老师指导 | 
发表于 2008-10-18 23:39
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