Buy-Side Analysts and Earnings Conference Calls

The role of sell-side equity analysts in the capital markets has been researched extensively by academics over the past several decades. In contrast, due to data limitations, there has been little research on buy-side analysts. Buy-side analysts work for institutional investment firms and have different incentives and responsibilities than do their sell-side counterparts working at brokerage firms. That makes buy-side analysts not only worthy of study in their own right, but also makes it unclear whether the inferences and conclusions from the sell-side analyst literature also apply to buy-side analysts. While it is widely assumed that buy-side analysts conduct fundamental … Read more