I used to intern as an analyst in Investment banking devision in a sercurities company in Vietnam (which is a less developed financial market as you know). When our division had a deal to assist company AB to withdraw their equity capital in XY by reselling their shares through an auction hold by us , I was assigned to write a report on XY.
In the report, I had to disclose all information related to lines of business, financial status, profitability. I am not sure whether it could be called ‘research report’ (because if so, my company had a conflict of interest).
Whenever my IB division had a deal, head of IB division assigned the writing of that kind of report to one analyst in the division. However, our registered business activities do not include underwriting, just only comprises of assisting in M&A, assisting in listing of securities, assisting in equitization process, assisting in withdrawal of equity capital. I did believe that is was an obvious conflict of interest though.
Could the report I discribe above called ‘research report’?
What are the functions of research department in the true sense of the word?