PurposeTo show how conflicts of interest and disingenuous investment research at the end of the 1990s stock market bubble occurred in Australia as well as the USA and Western Europe.Design/methodology/approachReviews the role of research analysts in major securities firms and conflicts of interest such as analyzing and evaluating a company for investment purposes, while seeking the investment banking business of the same company. Provides a case study of how an investment banking firm dealt with a provider of internet search services in both a research and an investment banking capacity. Investigates and evaluates the regulations and guidelines developed and introduced by the Australian regulatory bodies (Australian Stock Exchange (ASX) and Australian Securities and Investment Commission (ASIC)) and the Australian Government to deal with potential conflicts of interest that could affect the objectivity and independence of analyst research.FindingsThere were examples of conflicts of interest and fraudulent stock recommendations in Australia that rivaled the worst examples in the USA and Western Europe.Originality/valueA reminder of fraudulent investment research practices during the stock market bubble and the potential for conflicts of interest between research and investment banking functions within the same firm.