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June 2024
Case

Arete Research on Unity Software

By: Joseph Pacelli and Tonia Labruyere

Richard Kramer had founded Arete Research, an independent financial research provider, in 2000 after a successful career as a sell-side analyst at Goldman Sachs. He reflects on his team's coverage of Unity Software, a U.S.-based mobile games software company, that... View Details

Keywords: Analysis; Initial Public Offering; Analytics and Data Science; Applications and Software; Mobile and Wireless Technology; Valuation; Value Creation; Mergers and Acquisitions; Business Model; Reports; Financial Services Industry; Video Game Industry; United Kingdom; United States

December 2023
Article

Brokerage Relationships and Analyst Forecasts: Evidence from the Protocol for Broker Recruiting

By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt

In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement... View Details

Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction

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November 2023
Article

Brokerage House Initial Public Offerings and Analyst Forecast Quality

By: Mark Bradshaw, Michael Drake, Joseph Pacelli and Brady Twedt

We examine how brokerage firm initial public offerings (IPOs) influence the research quality of sell-side analysts employed by the brokerage. Our main results focus on earnings forecast bias and absolute forecast errors as proxies for research quality. Using a... View Details

Keywords: IPOs; Research Analysts; ＂Brokerage Industry; Initial Public Offering; Employees; Behavior; Outcome or Result

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February 2023
Teaching Note

Bear to Bull? An Analyst’s Journey with Netflix

By: Aiyesha Dey and Joseph Pacelli

Teaching Note for HBS Case No. 123-001. Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber... View Details

Keywords: Equity; Analysis; Stock Shares

September 2022 (Revised January 2023)
Case

Bear to Bull: An Analyst’s Journey with Netflix

By: Aiyesha Dey, Joseph Pacelli, Jennifer G. Lawson and Tom Quinn

Wedbush Securities analyst Michael Pachter said “hell freezing over” was more likely than him upgrading the “sell” rating he had maintained on movie and television streaming giant Netflix since 2011, despite meteoric subscriber and share price growth. In 2022, however,... View Details

Keywords: Accounting; Asset Pricing; Cash Flow; Investment; Stocks; Equity; Analysis; Attitudes; Financial Services Industry; Entertainment and Recreation Industry; United States

September 2022
Article

Human Versus Machine: A Comparison of Robo-Analyst and Traditional Research Analyst Investment Recommendations

By: Braiden Coleman, Kenneth J. Merkley and Joseph Pacelli

We provide the first comprehensive analysis of the properties of investment recommendations generated by “Robo-Analysts,” which are human analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations... View Details

Keywords: Fintech; Analysts; Robo-analysts; Investment Recommendations; Investment; Information Technology; Performance

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2021
Article

An Empirical Examination of Sell-Side Brokerage Analysts' Published Research, Concierge Services, and High-Touch Services

By: David A. Maber, Boris Groysberg and Paul M. Healy

This paper uses a proprietary panel dataset to categorize and quantify the activities that sell-side brokerage analysts use to build and sustain their network of buy-side client relations. We then examine the marginal impact of these activities on key analyst outcome... View Details

Keywords: Sell-side Analysts; Analyst Ratings; Brokerage Commissions; Earnings Forecasts

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September 2020
Article

Analyst Forecast Bundling

By: Michael Drake, Peter Joos, Joseph Pacelli and Brady Twedt

Changing economic conditions over the past two decades have created incentives for sell-side analysts to both provide their institutional clients tiered services and to streamline their written research process. One manifestation of these changes is an increased... View Details

Keywords: Analysts; Earnings Forecasts; Forecast Accuracy; Forecast Bundling; Business Earnings; Forecasting and Prediction

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Article

Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts

By: Kenneth Merkley, Roni Michaely and Joseph Pacelli

We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively... View Details

Keywords: Culture; Forecasting; Sell-side Analysts; Information Aggregation; Diversity; Forecasting and Prediction; Information; Performance Improvement

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June 2018 (Revised October 2018)
Teaching Note

Valuing Snap After the IPO Quiet Period (A), (B), and (C)

By: Marco Di Maggio and Benjamin C. Esty

Teaching Note for HBS Nos. 218-095, 218-096, and 218-116. View Details

June 2018 (Revised April 2021)
Supplement

Valuing Snap After the IPO Quiet Period

By: Benjamin C. Esty, Marco Di Maggio and Greg Saldutte

June 2018 (Revised April 2021)
Case

Valuing Snap After the IPO Quiet Period (A)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (B)

By: Marco Di Maggio and Benjamin C. Esty

Analyzes Snap’s value and analyst recommendations following the events described in the (A) case. View Details

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (C)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Analyzes Snap’s value and analyst recommendations following the events described in the (B) case. View Details

2025
Working Paper

Government-Brokerage Analysts and Market Stabilization: Evidence from China

By: Sheng Cao, Xianjie He, Charles C.Y. Wang and Huifang Yin

We show analysts at government-controlled brokerage firms serve as a market stabilization tool in China. Using earnings forecasts from 2005–2019, we find government-brokerage analysts issue relatively more optimistic—yet less accurate and timely—forecasts during... View Details

Keywords: Sell-side Analysts; Forecast Optimism; Forecast Accuracy; Government Incentives; Market Stabilization; Government Ownership; Coordinated Economies; Stocks; Forecasting and Prediction; Business and Government Relations; Emerging Markets

Article

Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports

By: Kenneth Merkley, Roni Michaely and Joseph Pacelli

We examine changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination and the quality of analysts’ reports. Our findings suggest that changes in the number of analysts covering an industry impact analyst... View Details

Keywords: Analyst Industry; Sell-side Analysts; Analyst Reports; Finance; Analysis; Information; Reports; Quality; Financial Services Industry

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April–May 2017
Article

Career Concerns of Banking Analysts

By: Joanne Horton, George Serafeim and Shan Wu

We study how career concerns influence banking analysts' forecasts and how their forecasting behavior benefits both them and bank managers. We show that banking analysts issue early in the year relatively more optimistic and later in the year more pessimistic forecasts... View Details

Keywords: Sell-side Analysts; Analyst Forecasts; Analysts; Investment Recommendations; Career Advancement; Career Management; Labor Mobility; Labor Market; Prejudice and Bias; Personal Development and Career; Forecasting and Prediction; Investment Banking

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January 2017
Supplement

Q&A: Ghislain de Charentenay, Sanford C. Bernstein Director of Research, Asia

By: Linda A. Hill and Allison J. Wigen

In this video supplement to the HBS case series "Sanford C. Bernstein Goes to Asia," case protagonist Ghislain de Charentenay recalls his leadership priorities and challenges upon being appointed director of research in Asia. View Details

Keywords: Talent Management; Sell-side Analysts; Organizational Behavior; Leadership And Managing People; Leadership, Personal Strategy ＆ Style; Leadership Style; Asia; Hong Kong; Collaboration; Leadership; Organizational Culture; Talent and Talent Management; Financial Services Industry; Asia; Hong Kong

Article

Can Analysts Assess Fundamental Risk and Valuation Uncertainty? An Empirical Analysis of Scenario-Based Value Estimates

By: Peter R. Joos, Joseph D. Piotroski and Suraj Srinivasan

We use a dataset of sell-side analysts' scenario-based valuation estimates to examine whether analysts reliably assess the risk surrounding a firm's fundamental value. We find that the spread in analysts' state-side contingent valuations captures the riskiness of... View Details

Keywords: Analyst Forecasts; Scenarios; Uncertainty; Risk and Uncertainty; Valuation; Forecasting and Prediction

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July 2015
Article

The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts' Perceptions and Shifting Institutional Logics

By: Ioannis Ioannou and George Serafeim

We explore the impact of corporate social responsibility (CSR) ratings on sell-side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost, due to the prevalence of an agency logic, they produce... View Details

Keywords: Corporate Social Responsibility; Analysts; Investment Recommendations; Sustainability; Institutional Logics; Environment; Corporate Social Responsibility and Impact; Investment; Corporate Governance; United States

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