"04-1719_Analysts_handout

"04-1719_Analysts_handout - • Financial Analysts...

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Unformatted text preview: • Financial Analysts • Mutual Fund/Pension Fund Managers • Hedge Fund Managers Chapters: 18, 20 (8th edition of BKM) Solutions to examples [discussed in slides] will be posted on Katalyst Special Topics IV-a: Financial Analysts & Portfolio Managers 22- Overview- Some evidence on their performance Lecture Outline: 33- Buy-side analysts: - Funded by a single fund manager- ‘Privately’ used- Sell-side analysts:- Serve multiple fund managers- Reports widely distributed Two types of analysts Focus of this lecture 44 What do analysts do? • The average analyst covers ten companies in three separate industries. • However 75% of the companies covered are in the analyst’s Companies Industries Number of Companies Analyst Covers Number of Number of Covered Covered in Most Covered Industry/ Recommendation Analysts per Analyst per Analyst Number of Companies the Analyst Covers Changes (mean) (mean) (mean) (median) (25%-ile) (75%-ile) Panel B: All Brokerage Firms Analyst Covers: 1-10 companies 6,087...
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"04-1719_Analysts_handout - • Financial Analysts...

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