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To: maceng2 who wrote (171020)	6/7/2002 8:58:56 AM
From: maceng2	Respond to of 436258

Merrill Lynch implements changes to equity research ratings, compensation (I'm thinking of writing a book. "Investment theory...the cornered rat"...pb) Merrill Lynch & Co Inc said it is implementing new changes to its equity research including a new rating system for stocks and compensation system for its analysts. The brokerage, which recently paid $100 million in fines after the New York Attorney General's office completed a long probe of its research practices, said the rating system will be based on projections of total return and risk. Stocks will be rated 'buy', 'neutral' or 'sell' with a price volatility risk rating of low, medium or high. The new compensation system will base analysts pay on performance, both in how their insights and recommendations benefit investors and based on competitive factors. Performance will be measured on the basis of the accuracy of ratings, the accuracy of earnings estimates and the quality of client service to individual and institutional investors. ananova.com