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Article | Financial Analysts Journal | July – August 2008

Buy-Side vs. Sell-Side Analysts' Earnings Forecasts

by Boris Groysberg, Paul M. Healy and Craig James Chapman

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Abstract

We compare the earnings forecast performance of analysts at a large buy-side firm to that of sell-side analysts. Our tests show that the buy-side firm analysts make more optimistic and less accurate forecasts than their counterparts on the sell-side. These performance differences appear to be partially explained by the buy-side's higher retention of poor-performing analysts and by differences in performance benchmarks used to evaluate buy- and sell-side analysts.

Keywords: Motivation and Incentives; Business Earnings; Forecasting and Prediction; Performance Effectiveness;

Format: Print 15 pages Find at Harvard Read Now

Citation:

Groysberg, Boris, Paul M. Healy, and Craig James Chapman. "Buy-Side vs. Sell-Side Analysts' Earnings Forecasts." Financial Analysts Journal 64, no. 4 (July–August 2008): 25 – 39.

About the Authors

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Boris Groysberg
Richard P. Chapman Professor of Business Administration
Organizational Behavior

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Paul M. Healy
James R. Williston Professor of Business Administration
Accounting and Management

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More from these Authors

  • Case | HBS Case Collection | October 2019 (Revised December 2019)

    Swizz Beatz

    Boris Groysberg, Annelena Lobb and Sarah Mehta

    This case explores the life and career of rapper and music producer Swizz Beatz. Set in 2019, it covers the evolution of Swizz’s musical career and his new venture into the commercial art market.

    Keywords: Entertainment; Music Entertainment; Television Entertainment; Entrepreneurship; Entertainment and Recreation Industry; Fine Arts Industry; Music Industry; United States;

    Citation:

    Groysberg, Boris, Annelena Lobb, and Sarah Mehta. "Swizz Beatz." Harvard Business School Case 420-034, October 2019. (Revised December 2019.)  View Details
    CiteView DetailsEducators Related
  • Case | HBS Case Collection | October 2019 (Revised December 2019)

    Swizz Beatz and Alicia Keys: A Power Couple

    Boris Groysberg, Annelena Lobb and Sarah Mehta

    Set in 2018, this case follows married couple and music industry titans Swizz Beatz and Alicia Keys as they consider how best to use their platforms to achieve their goals. Since achieving professional success in the music industry early in their lives, Swizz and Keys had explored many different personal and professional pursuits. Swizz was particularly interested in the arts and had launched an initiative aimed at supporting emerging visual artists of color. Keys had taken on acting roles, written a children’s book, and had become an increasingly vocal advocate for social justice causes. Anchoring their professional work, Swizz and Keys had built a loving family rooted in communication and mutual respect. As one of the music industry’s most recognizable power couples, Swizz and Keys now considered how they might use their joint platform to continue to drive positive change for artists and creators of all stripes.

    Keywords: Entertainment; Music Entertainment; Television Entertainment; Entrepreneurship; Power and Influence; Entertainment and Recreation Industry; Music Industry; United States;

    Citation:

    Groysberg, Boris, Annelena Lobb, and Sarah Mehta. "Swizz Beatz and Alicia Keys: A Power Couple." Harvard Business School Case 420-035, October 2019. (Revised December 2019.)  View Details
    CiteView DetailsEducators Related
  • Supplement | HBS Case Collection | November 2019

    California Closets - Bill Barton

    Boris Groysberg

    Video supplement for the HBS Case Study "California Closets: Organizing the Customer Experience," product number 419-004.

    Citation:

    Groysberg, Boris. "California Closets - Bill Barton." Harvard Business School Multimedia/Video Supplement 420-702, November 2019.  View Details
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