Journal
JOURNAL OF ACCOUNTING & ECONOMICS
Volume 62, Issue 1, Pages 139-156Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jacceco.2016.06.002
Keywords
Buy-side analysts; Stock recommendations; Compensation; Sell-side analysts; Private communication; Industry knowledge
Categories
Ask authors/readers for more resources
We survey 344 buy-side analysts from 181 investment firms and conduct 16 detailed follow-up interviews to gain insights into the activities of buy-side analysts, including the determinants of their compensation, the inputs to their stock recommendations, their beliefs about financial reporting quality, and the role of sell-side analysts in buy-side research. One important finding is that 10-K or 10-Q reports are more useful than quarterly conference calls and management earnings guidance for determining buy-side analysts' stock recommendations. Our results also suggest that sell-side analysts add value by providing buy-side analysts with in-depth industry knowledge and access to company management. (C) 2016 Elsevier B.V. All rights reserved.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available