Fernandes, NunoRodrigues, José2012-07-122012-07-122011http://hdl.handle.net/10400.14/8603This work evaluates the impact of the Global Research Analyst Settlement and related regulations on the value of recommendations across G7 countries and industries. This change in anti-conflict of interest regulations contributed to a decrease in the buy-sell ratio, which suggests that conflicts of interest were reduced. Furthermore, the value added by recommendations increased either in upgrades or in downgrades. The most relevant exceptions were the value created by downgrades in the United States, in Business Equipment and in Telecommunications. These were justified by a decrease in informativeness (reliability in released information) given by an increase in sell/strong sell recommendations, which had seldom been used before.engmaster thesis