CFO Publishing Corrects and Replaces Previous Announcement, BW2329, MA-CFO-PUBLISHING.Business Editors NOTE: The following news release replaces and corrects the previous CFO See Chief Financial Officer. Publishing news release, which ran earlier Tuesday on Business Wire, BW2329 (MA-CFO-PUBLISHING). BOSTON--(BUSINESS WIRE)--Oct. 1, 2002 Research Conducted by CFO Magazine Finds 70 Percent of CFOs Believe Investment Banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. Should Divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. Finance Executives Favor Split to Restore Investor Confidence More than 70 percent of financial executives polled in a recent CFO magazine survey believe that investment banks should divest themselves of their research operations, although doing so could result in less-enthusiastic recommendations for their companies' stock. Indeed, 23 percent of survey respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. admit that they expect an investment bank's analysts to recommend their stock in return for underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. business. "CFOs have long recognized that the `Chinese wall' dividing analysts from investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. has fallen," says Julia Homer, editor-in-chief of CFO. "Their responses on the survey suggest how strongly they believe that wall must be rebuilt in order to restore investor confidence in the stock market." The survey was based on the responses of 142 senior finance executives. Featured in the October issue of CFO, it is the third of a four-part series of surveys documenting finance executives' response to the recent financial scandals. The fourth and final survey will examine the changing relationship between the finance department and the audit committee. CFO is published monthly by CFO Publishing Corp., a division of The Economist Group. With a rate base of 450,000, CFO is the leading business publication for C-level and senior executives. CFO reaches an international audience of corporate leaders with its global group of magazines, including CFO.com, CFO Europe, CFO Asia, and CFO China. |
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