Since the consequences of flaws in research provided by brokerage houses are far more dire in bear than in bull markets, portfolio managers are turning away from such research in favor of in house analysis, a recent study shows.

The study, by Broadgate Consultants of New York, found that the in-house research budgets of eighty percent of the managers interviewed had increased over the past few years. It also found that managers are relying most heavily for their information on their own meetings with top executives of the companies they are assessing.

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