A Glimpse Behind a Closed Door: The Long‐Term Investment Value of Buy‐Side Research and Its Effect on Fund Trades and Performance
研究了一家大型基金管理公司内部买方分析师的研究报告，发现这些研究在一年内具有投资价值，且分析师能力持续影响基金交易和业绩。
ABSTRACT We examine proprietary research produced by buy‐side analysts working for a large fund management company. We find that the buy‐side research has investment value for a one‐year horizon, and the analysts producing this research exhibit differential ability that tends to persist over time. The buy‐side research strongly influences trades made by the company's funds, especially when it coveys information that is independent of the fund managers' own information, when it is produced by buy‐side analysts with good track records, and when the underlying stocks have little sell‐side coverage. The influence of sell‐side research is concentrated primarily in stocks not followed by buy‐side analysts and in funds with low overall buy‐side coverage. The company's funds that rely more heavily on buy‐side research generate superior performance.