The hierarchy is a very resilient management structure that has been so embedded in how we work that most organizations around the world are having a tedious time getting rid of it.

Ilkka Tuomi, Data Is More than Knowledge: Implications of the Reversed Knowledge Hierarchy for Knowledge Management and Organizational Memory, Journal of Management Information Systems, Vol. 16, No. 3 ...

We show that relatively optimistic research and even the mere provision of research coverage for the issuer (regardless of its direction) attract co-management appointments for securities offerings.