Factors Affecting Earnings Forecast Revisions for the Buy-Side and Sell-Side Analyst.
研究通过问卷比较买方和卖方分析师在修正每股收益预测时使用的信息类型和重要性差异，发现卖方更看重管理层私下信息，买方更看重其他分析师意见、市场反应和年报。
Abstract This study examines the role that job function plays in the type and importance of information used by financial analysts in revising a forecast of earnings per share (EPS). Responses to a questionnaire are compared based upon whether the analyst is from the buy- or sell-side. The results indicate that sell-side analysis consider private information from management significantly more important than buy-side. On the other hand, buy-side analysts find other analysts' opinions, market reaction and annual reports and 10-Ks to be more important. These findings suggest that the two groups of analysts consider the type and importance of information differently in revising EPS forecasts.