Information-seeking behavior of securities analysts: Individual and institutional influences, information sources and channels, and outcomes
✍ Scribed by Baldwin, Nancy Sadler ;Rice, Ronald E.
- Publisher
- John Wiley and Sons
- Year
- 1997
- Tongue
- English
- Weight
- 161 KB
- Volume
- 48
- Category
- Article
- ISSN
- 0002-8231
No coin nor oath required. For personal study only.
✦ Synopsis
Information technology and the need for global informa-
Street functions almost entirely on information. The U.S. tion are constantly changing the way securities analysts, financial services industry underwent a revolution in the one kind of knowledge worker, obtain, manipulate, and 1980s that has resulted in a dramatically restructured indisseminate information. This study develops and tests a dustry in the 1990s. First, the nature of Wall Street's general model, with specific hypotheses, that individual business changed considerably as commission rates fell characteristics and institutional resources influence the information sources and communication channels that due to deregulation of the markets and fierce competition individuals use, that use of these sources and channels within the industry. Second, the deregulation of London's influences the outcomes of analysts' activities, and that, securities markets in 1986 and the current attempt to retherefore, individual characteristics and institutional restructure the European Economic Community, has genersources both directly and indirectly influence the outated European interest in foreign investors. Emerging comes. The data for this study were collected through a telephone survey administered to a random sample of markets in Eastern Europe, Asia, and Latin America are 100 securities analysts from 40 of the largest investment also providing new opportunities for investments in forbanking firms in the United States and the United Kingeign stocks, project financings, and privatizations. Third, dom. The results show that individual characteristics the integration of new electronic systems into the market, have little influence on the information sources and comand across national markets, has increased both the quality munication channels used by analysts, and thereby do not have a significant influence on the outcomes of ana-of information and the speed at which it is disseminated. lysts' information activities. Institutional resources do In addition, U.S. companies are rapidly globalizing have a significant influence on the information sources and their international business operations are becoming and communication channels analysts use, but also have a large portion of their revenue and earnings. Investment a direct influence on outcomes, and thereby play a sigfirms are committing themselves to broad-based financial nificant role in analysts' information activities. The conclusion discusses implications of these findings for services, such as global equity research, and sales and securities analysts, institutional and retail investors, trading activities. New sources of information that cover schools of library and information science, and practicglobal economic trends, international production and maring information professionals. keting data, and international mergers and acquisitions are needed. All these changes present Wall Street and * To whom all correspondence should be addressed. M.B.A. programs are hired as securities analysts by Wall Street firms. They are in the forefront in utilizing informa-