Research Analysts Research Articles

Analyst workload and information production: Evidence from IPO assignments

AbstractI examine how changes in analysts' workloads affect their information production. Examining determinants of analysts' information production is important because analyst research affects stock prices and capital allocation decisions. Using periods when analysts work on IPOs to proxy for shocks to their workloads, I predict and find that the accuracy, quantity, and timeliness of analysts' forecasts for non‐IPO firms decline when they are working on IPOs, and they herd closer to the consensus. The reductions in research quality are larger for less experienced analysts, larger IPOs, and less important portfolio firms. Last, I predict and find that information asymmetry increases for non‐IPO firms covered by analysts who are working on IPOs, consistent with analysts' reduction in research quality during IPO assignments negatively affecting the information environment of non‐IPO firms. In sum, I provide the first evidence that analysts' work on IPO deals imposes negative externalities on both the quality of research they produce for the non‐IPO firms they cover and the information environments of these firms, highlighting at least one reason why analyst workload is important to firms and investors.

Analyst Research Activity During the COVID‐19 Pandemic

This paper documents that, in response to the COVID‐19 pandemic, analysts increase their research activity and significantly revise their forecasts when compared to the pre‐pandemic period. Uncertainty‐adjusted forecast errors are either comparable or smaller during the pandemic compared to the pre‐pandemic period. Investor attention and price reactions to analyst forecast revisions are higher during the pandemic and the effect is stronger in periods where investors actively search for information about firms. During the pandemic, investors value analyst price discovery role more than their role in interpreting public information. Jointly, the results suggest that analysts play an important information intermediation role during the COVID‐19 pandemic.

Practice Implications of Patterns of Healthcare Utilization before and after Alzheimer’s Disease diagnosis (P2-6.005)

<h3>Objective:</h3> To describe patterns of dementia-related healthcare utilization before and after initial diagnosis code for Alzheimer’s Disease (AD). <h3>Background:</h3> Clinical guidelines and common practices indicate appropriate responses to dementia warning signs, for diagnostic work-up and medical management of AD. It is not clear, however, to what extent these practice patterns are followed and what consequences they may have for AD patients. <h3>Design/Methods:</h3> Structured electronic health records from the Department of Veterans Affairs healthcare system (VA), the largest integrated healthcare system in the United States, were examined to identify first recorded AD diagnosis (ICD) code in patients with at least two visits with AD codes. Use of related diagnostic and therapeutic services was compared in the year preceding and following first AD diagnosis. 2018 was studied to limit Covid-19 driven changes in practice. <h3>Results:</h3> A first AD code was found in 2018 for 6,046 patients (mean age of 80.5 years; 97% men). Most (53.1%) had a prior diagnosis code of dementia not-otherwise-specified and 29.4% had a prior code for mild cognitive impairment, with first codes appearing an average of three prior. Services increased from the year before to the year after first AD diagnosis: neuroimaging (31.3% to 32.2%), neuropsychological assessment (25.7% to 32.3%), specialist visit (neurologist, geriatric psychiatrist or geriatrician) (51.1% to 73.2%), prescribed dementia-specific medications (30.2% to 60.5%), inpatient care (11.4% to 25.9%), and home healthcare services (45.8% to 63.6%) (p&lt;0.01 for all except neuroimaging). <h3>Conclusions:</h3> Use of dementia and aging-related services increased after first AD diagnosis code. For many, dementia-targeted treatment began years before AD coding and diagnostic procedures continued afterward. These service and treatment patterns may reflect the complexity of AD diagnostic and care processes in clinical practice, including variability regarding when to attribute dementia to a specific underlying etiology. <b>Disclosure:</b> An immediate family member of Dr. Moo has received personal compensation in the range of $500-$4,999 for serving as an Editor, Associate Editor, or Editorial Advisory Board Member for Taylor and Francis. Dr. Moo has received personal compensation in the range of $5,000-$9,999 for serving as an Expert Witness for Smith Mirabella Blake. Dr. Moo has received personal compensation in the range of $500-$4,999 for serving as an Expert Witness for Cambridge Medical Experts. The institution of Dr. Moo has received research support from VA HSR&amp;D. The institution of Dr. Moo has received research support from VA Office of Rural Health. The institution of Dr. Davila has received research support from Department of Veterans Affairs. Dr. Jasuja has nothing to disclose. Mrs. Palnati has received personal compensation for serving as an employee of Optum. Mrs. Palnati has received personal compensation in the range of $50,000-$99,999 for serving as a Research Analyst with Veterans Administration. Qing Shao has nothing to disclose. Ms. Dinesh has nothing to disclose. The institution of Dr. Palacios has received research support from Eisai, Inc. The institution of Dr. Palacios has received research support from NIH. The institution of Dr. Palacios has received research support from Department of Veterans Affairs. Dr. Palacios has a non-compensated relationship as a Grant Reviewer with National Institutes of Health that is relevant to AAN interests or activities. Dr. Palacios has a non-compensated relationship as a Associate Editor with Journal of Alzheimer’s Disease that is relevant to AAN interests or activities. Dr. Palacios has a non-compensated relationship as a Researcher with Department of Veterans Affairs that is relevant to AAN interests or activities. Ms. McDannold has nothing to disclose. Weiming Xia has nothing to disclose. Dr. Zhang has received personal compensation for serving as an employee of Eisai. Amir Tahami has received personal compensation for serving as an employee of Eisai. Dr. Miller has nothing to disclose.

The Real Effects of Analyst Research Quality: Evidence from the Adoption of the Broker Protocol

AbstractI provide empirical evidence that labour market frictions have an adverse effect on the quality of analyst research. Using the staggered, voluntary adoption of the Protocol for Broker Recruiting (Protocol) since 2004, I show that, without non‐compete agreements, financial analysts produce more accurate forecasts and exert greater efforts in updating their research more frequently. Consistent with the notion that information asymmetry in the capital market are lower in the post‐Protocol period, I provide empirical evidence and argue that the research coverage by Protocol members enables managers to access capital and extend their investment opportunities. My findings suggest that analyst coverage by Protocol members has a favourable effect on investment in innovative projects, production capacity and acquisitions.

Driving the Chimeric Antigen Receptor: The Road Ahead for Cell Therapy

Driving the Chimeric Antigen Receptor: The Road Ahead for Cell Therapy

USING INTERPOLATION FOR GENERATING INPUT DATA FOR THE GROSS DOMESTIC PRODUCT MONTE CARLO SIMULATION

Input modelling is a complex task within the Monte Carlo simulation, especially when the systems and processes under investigation reveal the non-linear behavior of several interdependent variables. Commonly used approaches for Monte Carlo simulation input modelling include selecting probability distributions and fitting them to existing data; resampling random variates from historical data; and using real-world data as an input model, which in the age of big data becomes more feasible. Each of the approaches comes with its own set of drawbacks. This note aims to describe a new method of input modelling for GDP Monte Carlo simulation based on interpolation of the GDP historical records. Also, this method has been implemented as a publicly available online tool using the Microsoft Azure Machine Learning Studio. A similar approach can be applied to other macroeconomic indicators, e.g., consumer price index (inflation) or current employment statistics. This note is intended for economists, data scientists, and operations research analysts interested in the GDP Monte Carlo simulation. It can also be used by academics, researchers, and practitioners in a broad subject area for generating input data for Monte Carlo simulation. Specifically, it can be of interest for Ph.D. candidates (VAC specialty 5.2.6) performing development of theory and methods of decision-making in economic and social systems, and application of artificial intelligence and big data methods in management.

Social Media Discussion of Sell-Side Analyst Research: Evidence from Twitter

Social Media Discussion of Sell-Side Analyst Research: Evidence from Twitter

Seeking Clarity in Murky Waters

In the oil-rich Permian Basin of west Texas and southern New Mexico, water serves as catalyst and crutch, ally and enemy, asset and liability. It’s water that allows producers to fracture high-potential wells in the region and get robust volumes of oil to flow back to the wellhead. It’s water that has allowed basinwide production to climb from pre-pandemic levels of around 4.7 million to over 5.4 million B/D in November 2022—a new record for the region. However, along with the oil that flows out of each well comes produced water. A lot of it. In some areas of the Permian’s Delaware Basin, for example, for every oil barrel extracted, producers can get 15 bbl of produced water (Fig. 1). Produced water is a complex issue with no true silver bullet to solve the problem of what to do with all of it. In addition, each current handling method employed is a partial solution at best, each with its own set of hurdles. Recycling is growing in popularity and scope, but the infrastructure in place and planned is finite. Disposal is under enhanced scrutiny in both Texas and New Mexico due to its potential seismicity impact and has even been banned within several areas. Even trucking it away adds unfavorably to capital costs and environmental impacts. Produced water is also nasty stuff, full of saline and it can also contain varying amounts of oil residues, sand or mud, naturally occurring radioactive materials, chemicals from fracture fluids, bacteria, and dissolved organic compounds. On the flip side, water demand in the Permian remains high as operators move to boost production as pandemic concerns wane. According to analysis by Wood Mackenzie, the typical 500,000 bbl of water needed to fracture a 10,000-ft lateral is close to the daily demand of the city of Midland, Texas. With numbers like that, you can start to see the appeal of recycling produced water into water that can be reused by oil companies to fracture wells, and limit the reliance on other water sources and the competition for those with municipalities, farms, etc. “There are two main benefits to recycling water that companies talk about quite a lot. First, the more water you recycle, the less water you need to inject into disposal wells, and there’s a lot of scrutiny on that because of the induced seismicity in the region. Secondly, increasing recycled water use reduces sourced water costs,” explained Josh Dixon, senior research analyst with Wood Mackenzie. “Many people don’t realize it, but the cost of sourcing groundwater can be a lot higher than recycled water. If you’re sourcing all your water from water wells, you’ve got to pay the Opex of those wells, as well as royalties to the landowners where those wells are. By recycling your own produced water, you’re just basically treating something that you would otherwise have to pay to dispose of, and then you can reuse it. Water recycling Opex is coming down, and some companies are now citing increased recycling as an economic incentive as opposed to a purely ESG one.”

Analysis of Strategy for Developing Beef Cattle Production on a Smallholder Farming Basis in Musi Banyuasin Regency South Sumatra

The increased beef cattle production at traditional farms is a strategy to achieve meat self-sufficiency in 2026. This is accomplished through various parties, including the government, academics, researchers, the private sector, and farmers as the main actors. Therefore, this study aimed to determine and analyze criteria, performance criteria, strategies, and alternatives for sustainable beef cattle production in traditional farms based on the opinion of experts. The research location was School for Smallholder Community (SPR) Maju Bersama, Sungai Lilin Sub-District, Musi Banyuasin Regency, South Sumatra Province, Indonesia. Primary data were collected through FGD (focus group discussion) and interview with expert stakeholders, including farmers, policymakers, entrepreneurs, academics, and research analyst. They were analyzed using the Analytical Hierarchy Process (AHP) with R studio version 4.1.2. The result showed that Musi Banyuasin Regency has a natural resource potential for supporting beef cattle production with an institutional collaborative strategy. The interaction between the production factors showed that the feeding criteria were at the highest level, with 32.05%. Considering the performance criteria, business sustainability was essential at 35.70% and should be achieved by adopting a corporate strategy of 85.52%, implemented through alternative business management at 61.40%.

Financial information, physical proximity and COVID: The experience of Asian sell-side equity research analysts

The need for physical proximity and face-to-face communication in financial information flows is contested. But the movement restrictions imposed across Asia during the COVID-19 pandemic, together with the elevated information needs as financial markets became stressed, provided the unique circumstances for a natural experiment to test the extent to which physical interaction is important in the origination and distribution of financial information. Drawing upon 70 interviews undertaken across Asia during 2021, primarily with sell-side analysts who act as information intermediaries in the financial ecosystem, this article provides evidence that physical proximity and face-to-face communication remains highly valued, particularly when accessing information embedded in informal local networks and originated through reciprocal client relationships. Analysts physically restricted from contacts at corporates and within their associated operating environments, reported a degradation of knowledge, especially versus more proximate competitors. The enforced physical separation also weakened previously strong social and reciprocal relationships with clients, even those co-located in the same city. Although these trends may be gradual and incremental rather than dramatic, they are persistent and self-reinforcing, and demonstrate the continued benefits of proximity and face-to-face interaction, with longer-term implications for financial geographies.

Planning feasible and efficient operational scenarios for a university hospital through multimethodology

The COVID-19 pandemic required managerial and structural changes inside hospitals to address new admission demands, frequently reducing their care capacity for other diseases. In this regard, this study aims to support the recovery of hospital productivity in the post-pandemic context. The major challenge will be to make use of all the resources the institution has obtained (equipment, beds, temporarily hired human resources) and to increase production to meet the existing repressed demand. To support evidence-based decision-making at a major university hospital in Rio de Janeiro, hospital managers and operations research analysts designed an approach based on multiple methodologies. Besides multimethodology, one important novelty of this study is the application of a productivity frontier function to future scenario planning through the quantitative DEA methodology. Concept maps were used to structure the problem and emphasize stakeholders’ perspectives. In sequence, data envelopment analysis (DEA) was applied, as it combines benchmarking best practices and assigns weights to inputs and outputs. To guarantee that the efficiency measurement considers all inputs and outputs before any inclusion of expert judgment, the scope was redirected to full dimensional efficient facet, if any, or to maximum efficient faces. The results indicate that production scenarios proposed by stakeholders based on the Ministry of Health parameters overestimate the viable production framework and that the scenario that maintains temporary human resource contracts is more compatible with quality in health provision, teaching, and research. These findings will serve as a basis for decision-making by the governmental agency that provided temporary contracts. The present methodology can be applied in different settings and scales.

Analyst independence and earnings management

AbstractWe examine whether analyst independence contributes to analysts’ monitoring role in deterring accruals earnings management. We first report a negative association between earnings management and the ratio of independent analysts to brokerage analysts covering a firm. Next, through the lens of the promotion of independent sell‐side research institutions by the 2003 Global Research Analyst Settlement, we document a significant decrease in earnings management on firms affected by the Global Settlement's mandate for time‐limited support to back independent research institutions. Additionally, we find that, as the aforementioned support ended, the extent of monitoring effectiveness reverted to a level indistinguishable from that before the Global Settlement. Finally, using closures and mergers of independent research institutions as a quasi‐natural experiment, we provide corroborating evidence consistent with analyst independence leading to more effective monitoring.

SOSIALISASI PENDIDIKAN SEKSUAL TERHADAP REMAJA OLEH KELUARGA DESA GELAP KECAMATAN LAREN KABUPATEN LAMONGAN

The increase in cases of premarital pregnancy and cases of submission is very difficult for parents in Desa Gelap to protect their children from deviant sexual behavior. This issue is a point of interest discussed by analysts. The purpose of this study was to find out what types of socialization of sex training for young adults in the elastic target family in the Gelap Village, Laren District, Lamongan Regency. To test this information, his research analyst used George Herbert Mead's role theory. The methodology in this research is qualitative which is a kind of contextual analysis. This research uses a process of observation and in-depth interviews with 6 informants. The validity of the data utilizes a triangulation strategy. The information obtained was investigated using Miles and Huberman's intuitive examination model with three stages, namely information decline, information display, withdrawal/final confirmation. Considering the impact of the examination in the field of socialization of young adult sex training carried out by parents in the Dark Village, the type of primary socialization regarding adolescent sex is separated into three aspects, in particular 1) biological socialization, presenting actual and new changes, things that can be done by children -children 2) socialization of sexual norms and boundaries, showing children there are standards that must be maintained as human beings 3) socialization of social roles and functions, helping children to experience their work as women and men. Barriers experienced by parents to foster free association are the association of children and the use of cell phones.

CORR Insights®: Meropenem-loaded Cement Is Effective in Preventing Gram-negative Osteomyelitis in an Animal Model.

1Senior Operations Research Analyst, Systems Planning and Analysis, Alexandria, VA, USA R. McLemore, Systems Planning and Analysis, 2001 North Beauregard Street, Alexandria, VA 22311, USA, Email: [email protected] This CORR Insights® is a commentary on the article “Meropenem-loaded Cement Is Effective in Preventing Gram-negative Osteomyelitis in an Animal Model” by Wei and colleagues available at: DOI: 10.1097/CORR.0000000000002364. The author certifies that there are no funding or commercial associations (consultancies, stock ownership, equity interest, patent/licensing arrangements, etc.) that might pose a conflict of interest in connection with the submitted article related to the author or any immediate family members. All ICMJE Conflict of Interest Forms for authors and Clinical Orthopaedics and Related Research® editors and board members are on file with the publication and can be viewed on request. The opinions expressed are those of the writer, and do not reflect the opinion or policy of CORR® or The Association of Bone and Joint Surgeons®.

Inter-philosophical Critique of Realpolitik from School of Machiavellianism and School of Legalism: Comparative and Dialectical Analysis of Role of Realpolitik Orientation on International Issues

Machiavellianism and Legalism exerted influences over bureaucratic administration, balance of power competition, among state empires and Realpolitik-oriented competition that may remain observable in today’s world of geopolitical security dilemma and structural power asymmetry, notwithstanding little advancement as they design in absolute terms due to domestic mechanism and confinement of a more modernising, inclusive, non-Realpolitik international norm upon political behaviours of state actors or supreme political decision makers. Both of these philosophical schools attach significance not to benevolence, righteousness, and morality in the realm of governance of both domestic affairs and foreign affairs, but rather to power supremacy of the rulers, and bestows and punishments combined according to the degree of consistency between the behaviours of officials and results of their performance, and even tricky usage of tactical deception if needed in response to the complicated Realpolitik affairs and arena partly because they presuppose human nature is not benign but evil, selfish and transactional mostly for the sake of narrow self-interests, especially in a Realpolitik-based environment that they observe and identify and that only the ends justify the means. This analytical essay methodologically seeks to utilise certain representative case studies of Ukraine-Russia geopolitical security dilemma and US-China structural dilemma in a more unpredictable world where Realpolitik remains observable but its methodology is insufficient, for the purpose of dialectically evaluating potential theoretical merits and demerits of Machiavellianism and Legalism. Briefly, these two philosophical schools facilitate state actors, supreme decision makers and research analysts to undertake maximum non-emotive, rational observation of an authentic geopolitical world in a physical sense as it literally is, but they probably omit the normative progressive philosophical notion of reshaping an international arena on a normative basis of minimum zero-sum-game mentality and minimum vicious structural competition and confrontation and of possibility of interstate cooperation beyond the Realpolitik framework.

Culture at the heart: Cultivating Native student success

“But the TCUs are already doing it. Sense of belonging is in the fabric of TCUs,” said Monte Schaff, Institutional Research Analyst from United Tribes Technical College, a small tribal college in Bismarck, North Dakota. He spoke at the American Association of Collegiate Registrars and Admissions Officers Strategic Enrollment Management conference in Aventura, Florida, in November 2021.

Notee, A Web Application for Stock Market Research Analysts

In the Capital Market domain, the investors need to make investment decisions. These decisions can be based on insights provided by the proprietary algorithms and on the other hand, a software application can help research analysts bring efficiency to their research process by reducing noise from the information collected, structuring the information in a usable manner, and enabling analysts to circulate their analysis to the broader audience. Key Words: Journalizing, Tagging, Analysts, Market, Company.

Internet Marketing Specialist in Programme Subject Area "Information, Library and Archival Studies": Functions and Competences in Convergent Professional Practices

The aim of the article is to identify the Internet marketing specialist’s job functions and competencies in convergent professional practices, which are generalised and standardised in the Professional Standards of Related Activities. Such methods define the research methodology as information analysis of current Professional Standards, relevant to the activities of Internet marketing specialist; semantic analysis of the programme subject area, and semantic, logical and linguistic analysis of documents (e.g. educational and professional standards, training curriculum, professional scientific publications, Internet content); the pedagogical design is to integrate disciplines to the Internet marketing specialist educational and professional training curriculum. The scientific novelty of the study is in identifying functions and competencies of Internet marketing specialist in the programme subject area “Information, Library and Archival Studies”, in related professional activities, presented in the Professional Standards of Information Resources Specialist, Commodity Market Research Analyst and Advertiser; in implementing professionally-oriented disciplines, which form an educational model of training an Internet marketing specialist in the interaction and relationship of all its components together with other fields of professional and practical training. Conclusions. The uniqueness of the content of the “Management of Social and Communication Networks. Internet Marketing» curriculum within Information, Library and Archival Studies is determined by its subject orientation on digital means of work, convergence with curriculum in marketing and belonging to the subject field of information management, information-analytical and social-communicative activities following the theoretical content of the subject according to the standard of programme subject area 029 «Information, Library and Archival Studies». A comprehensive review of the functions of Internet marketing specialist in marketing and information-analytical professional practices and the use of social and communicative technology to position social actors in society (public relations, advertising, image-making, etc.) allows a systematic delineation of the competence of the specialist. The analysis of the Professional Standards of the Information Resource Specialist, Commodity Market Research Analyst, and Advertiser, as related to the activities of an Internet marketing specialist, made it possible to outline the competencies that should be included in the future specialist’s model to ensure its validity. The identified competencies allow to specify the educational and professional training curriculum and include generalised disciplines in the campus, which together with other professionally oriented disciplines, form an educational model of Internet marketing specialist training in the interaction and interconnection of all its components.

Common Ownership and Analyst Forecasts

We examine the effect of the common ownership relation between brokerage houses and the firms covered by their analysts (referred to as co-owned brokerage houses, co-owned firms, and connected analysts, respectively) on analyst forecast performance. Common ownership can help the connected analysts have better access to co-owned firms, leading to higher-quality analyst research. However, common owners have incentives for higher valuation of the co-owned firms and thus can exert pressure on the connected analysts to issue optimistically biased research reports for these firms. We find that common ownership improves analyst forecast accuracy. This result is robust to a difference-in-differences design that exploits exogenous shocks to common ownership. The effects vary systematically with the quality of alternative sources of information that analysts can access for the co-owned firms. Overall, our paper contributes to the literature by documenting that common ownership can facilitate information communication.

Culture at the heart: Cultivating Native student success

“But the TCUs are already doing it. Sense of belonging is in the fabric of TCUs,” said Monte Schaff, Institutional Research Analyst from United Tribes Technical College, a small tribal college in Bismarck, North Dakota. He spoke at the American Association of Collegiate Registrars and Admissions Officers Strategic Enrollment Management conference in Aventura, Florida in November 2021.