{"id":"https://openalex.org/W852097447","doi":null,"title":"The Securities Analyst as Agent: Rethinking the Regulation of Analysts","display_name":"The Securities Analyst as Agent: Rethinking the Regulation of Analysts","publication_year":2003,"publication_date":"2003-01-01","ids":{"openalex":"https://openalex.org/W852097447","mag":"852097447"},"language":"en","primary_location":{"id":"pmh:oai:scholarship.law.upenn.edu:faculty_scholarship-2036","doi":null,"is_oa":false,"landing_page_url":"https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=2036&context=faculty_scholarship","pdf_url":null,"source":{"id":"https://openalex.org/S4377196469","display_name":"Penn Carey Law Legal Scholarship Repository (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"All Faculty Scholarship","raw_type":"text"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5043462003","display_name":"Jill E. Fisch","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jill E. Fisch","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5002026951","display_name":"Hillary A. Sale","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Hillary A. Sale","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.2319,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.9082285,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.6259999871253967,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.6259999871253967,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.20589999854564667,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14373","display_name":"Securities Regulation and Market Practices","score":0.0934000015258789,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-analysts","display_name":"financial analysts","score":0.9950000047683716},{"id":"https://openalex.org/keywords/agency-theory","display_name":"agency theory","score":0.8460000157356262},{"id":"https://openalex.org/keywords/agency-costs","display_name":"agency costs","score":0.7020000219345093},{"id":"https://openalex.org/keywords/conflict-of-interest","display_name":"conflicts of interest","score":0.9319999814033508},{"id":"https://openalex.org/keywords/sarbanes-oxley-act","display_name":"Sarbanes-Oxley Act","score":0.8999999761581421},{"id":"https://openalex.org/keywords/securities-and-exchange-commission","display_name":"Securities and Exchange Commission","score":0.9200000166893005},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.8080000281333923},{"id":"https://openalex.org/keywords/analyst-bias","display_name":"analyst bias","score":0.703000009059906},{"id":"https://openalex.org/keywords/self-dealing","display_name":"self-dealing","score":0.7919999957084656},{"id":"https://openalex.org/keywords/enron-scandal","display_name":"Enron scandal","score":0.5640000104904175},{"id":"https://openalex.org/keywords/technology-bubble","display_name":"technology bubble","score":0.5690000057220459}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5658491849899292},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4199148416519165},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.38816314935684204}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:scholarship.law.upenn.edu:faculty_scholarship-2036","doi":null,"is_oa":false,"landing_page_url":"https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=2036&context=faculty_scholarship","pdf_url":null,"source":{"id":"https://openalex.org/S4377196469","display_name":"Penn Carey Law Legal Scholarship Repository (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"All Faculty Scholarship","raw_type":"text"},{"id":"mag:852097447","doi":null,"is_oa":false,"landing_page_url":"https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=2036&context=faculty_scholarship","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1569032493","https://openalex.org/W2119515008","https://openalex.org/W3121614397","https://openalex.org/W7128134290","https://openalex.org/W3135510302","https://openalex.org/W2948172545","https://openalex.org/W346099117","https://openalex.org/W825826719","https://openalex.org/W2490889407","https://openalex.org/W1533150793"],"abstract_inverted_index":{"Recent":[0],"press":[1],"has":[2],"highlighted":[3],"shocking":[4],"examples":[5],"of":[6,14,48,57,69,81,114,135,158,160,184,223,265,271,278],"bias,":[7],"self-dealing,":[8],"and":[9,23,33,75,126,138,231,246],"inaccuracy":[10],"in":[11,26,65,215,236,242,249],"the":[12,15,21,27,55,66,73,87,98,108,111,115,132,139,149,178,185,243,263,269],"behavior":[13,134],"securities":[16,136,186],"analyst.":[17],"Critics":[18],"have":[19,91,192],"attributed":[20],"bubble":[22],"subsequent":[24],"crash":[25],"technology":[28],"sector":[29],"to":[30,40,95,129,141,155,213],"analyst":[31,37,84,116,187],"hype":[32],"posited":[34],"that":[35,72,162,257],"undue":[36],"optimism":[38],"contributed":[39],"scandals":[41],"such":[42,104],"as":[43,117,188,197],"Enron.":[44],"After":[45],"many":[46],"years":[47],"minimal":[49],"regulator":[50],"oversight":[51],"analysts":[52,137,152,191,209],"are":[53,153,173,210,235],"now":[54],"subject":[56,154],"extensive":[58],"regulatory":[59],"reform":[60,258],"proposals,":[61],"including":[62,227,275],"a":[63,79,156,181,205,272,276],"mandate":[64],"Sarbanes-Oxley":[67],"Act":[68],"2002":[70],"requiring":[71],"Securities":[74],"Exchange":[76],"Commission":[77],"adopt":[78],"variety":[80,157],"restrictions":[82],"on":[83,221,262],"behavior.":[85,165],"Despite":[86],"media":[88],"attention,":[89],"there":[90],"been":[92,195],"few":[93],"attempts":[94],"conceptualize":[96],"carefully":[97],"analyst's":[99,244],"role.":[100],"This":[101],"Article":[102,109,121,150,179],"offers":[103],"an":[105,216],"analysis.":[106],"First,":[107],"challenges":[110],"traditional":[112],"conception":[113],"independent":[118],"gatekeeper.":[119],"The":[120,166],"draws":[122],"upon":[123],"empirical,":[124],"legal,":[125],"anecdotal":[127],"evidence":[128],"evaluate":[130],"critically":[131],"existing":[133],"extent":[140],"which":[142],"their":[143,164,228],"activities":[144],"increase":[145],"market":[146,225],"efficiency.":[147],"As":[148],"demonstrates,":[151],"conflicts":[159,172],"interest":[161],"constrain":[163],"resulting":[167],"costs":[168],"imposed":[169],"by":[170],"these":[171],"classic":[174],"agency":[175,201,217,266],"costs.":[176],"Accordingly,":[177],"develops":[180],"new":[182],"conceptualization":[183],"quasi-agent.":[189],"Although":[190],"not":[193],"traditionally":[194],"treated":[196],"agents":[198],"under":[199],"standard":[200],"law":[202],"principles,":[203],"from":[204],"broader":[206],"economic":[207],"perspective,":[208],"properly":[211],"understood":[212],"act":[214,220],"capacity.":[218],"Analysts":[219],"behalf":[222],"multiple":[224],"participants,":[226],"employers,":[229],"issuers,":[230],"investors.":[232],"These":[233],"interests":[234],"tension.":[237],"Agency":[238],"principles":[239],"illuminate":[240],"breakdowns":[241],"role":[245],"provide":[247],"guidance":[248],"identifying":[250],"appropriate":[251],"solutions.":[252],"In":[253],"particular,":[254],"we":[255],"argue":[256],"efforts":[259],"should":[260],"focus":[261],"minimization":[264],"costs,":[267],"through":[268],"application":[270],"quasi-agency":[273],"approach":[274],"duty":[277],"reliability.":[279]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2014,"cited_by_count":5},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":6}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}