'롤러코스피'에도 국내 증권사 10곳 중 9곳 매도 리포트 '제로'

Korean brokerages overwhelmingly avoid publishing sell recommendations (0% for most firms), creating an imbalanced research landscape that diverges sharply from global peers averaging 11.8% sell ratings. This structural bias, driven by revenue conflicts and relationship preservation with client companies, undermines investor confidence and distorts market signals during volatile periods. The discrepancy exposes how domestic research independence is compromised by investment banking dependencies.