Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers

By Yingmei Cheng, Mark H. Liu, J. Qian. Journal of Financial and Quantitative Analysis, 2006

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Construct Validation Using Computer-Aided Text Analysis (CATA) (2010, background): “Moreover, the Russell 2000 1 is considered an important benchmark index for small valued companies in investment portfolios (Cheng, Liu, & Qian, 2006; Reilly & Wright, 2002).”
Geographic Lead-Lag Effects (2020, unknown): “In contrast, and as we saw in Panel A, geographic lead-lags do not appear to meaningfully weaken in samples of larger and/or more heavily traded firms.21 20In some sense, size and volume may be better measures of total analyst coverage, since buy-side analysts are not included in I/B/E/S (Cheng, Liu”
The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, unknown): “…E/S or First Call.14 One study (Conroy, Harris, & Park, 1998) relies on Toyo Kezai data (for forecasts related to Japanese firms), and one study (Cheng et al., 2006) relies on Nelson's Directory of Fund Managers to assess the relative weights placed on buy-side versus sell-side analyst research.”