Wall Street Research: Past, Present, and Future

Description

Wall Street Research: Past, Present, and Future provides a timely account of the dramatic evolution of Wall Street research, examining its rise, fall, and reemergence. Despite regulatory, technological, and global forces that have transformed equity research in the last ten years, the industry has proven to be remarkably resilient and consistent. Boris Groysberg and Paul M. Healy get to the heart of Wall Street research—the analysts engaged in the process—and demonstrate how the analysts' roles have evolved, what drives their performance today, and how they stack up against their buy-side counterparts. The book unpacks key trends and describes how different firms have coped with shifting pressures. It concludes with an assessment of where equity research is headed in emerging markets, drawing conclusions about this often overlooked corner of Wall Street and the industry's future challenges. Contents......Page 10 Preface......Page 12 Acknowledgements......Page 16 Chapter 1: The Rise and Fall of Equity Research at Prudential......Page 20 Chapter 2: What Do Analysts Do, and How Are They Managed?......Page 39 Chapter 3: Sell-Side Research: The History of an Information Good......Page 63 Chapter 4: Investment Banking Model Challenges......Page 78 Chapter 5: Challenges to Trading Commission Model......Page 93 Chapter 6: The Performance of Sell-Side Analysts Revisited......Page 107 Chapter 7: The Future of Sell-Side Research in the United States......Page 132 Chapter 8: Sell-Side Research in Emerging Markets......Page 157 Chapter 9: Conclusions......Page 174 Notes......Page 184 Index......Page 194