Research on what extent regulation, requiring disclosure of analyst rating distributions to the public by brokerage firms, could lead to inefficiency in the distribution of ratings. Testing on:1) that speculative, high-performing industries were massively upgraded with a
higher percentage of buy ratings 2) average or below average industries were punished with a higher percentage of
hold and sell ratings. Based on the paper of:Barber, Lehavy, McNichols, Treueman