The activities of buy-side analysts and the determinants of their stock recommendations Academic Article uri icon


  • 2016 Elsevier B.V. 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.

published proceedings


altmetric score

  • 9

author list (cited authors)

  • Brown, L. D., Call, A. C., Clement, M. B., & Sharp, N. Y.

citation count

  • 107

complete list of authors

  • Brown, Lawrence D||Call, Andrew C||Clement, Michael B||Sharp, Nathan Y

publication date

  • January 2016