Wall Street Research

Boris  Groysberg; Paul M. Healy

Book | 2013

Wall Street Research: Past, Present, and Future

Abstract

Wall Street equity analysts provide research products and services on publicly-traded companies to institutional and retail investors to help them make more profitable investment decisions. During the last ten years Wall Street research has been battered by a series of shocks. As concerns over conflicts of interest mounted, the integrity of research output was questioned, leading to transformative regulatory changes. New technologies emerged to democratize information and change the way that stocks are traded, threatening the industry's product and business model. There were upheavals and stagnation in established core financial markets such as the U.S., Japan and Western Europe. And burgeoning new markets in countries such as China and India raised potential challenges to the dominance of leading firms. Our research tells a fascinating story of an industry that has proved remarkably resilient in resolving economic and regulatory challenges. It provides practitioners and scholars with a deeper understanding of the forces that have shaped the industry and accounted for its resilience, and how these are likely to influence its future.

Keywords: financial analysts; investment banks; conflicts of interest; Accounting; Financial Institutions; Financial Services Industry; United States;

Format: Print

224 pages

Find at Harvard Purchase

Citation:

Groysberg, Boris, and Paul M. Healy. Wall Street Research: Past, Present, and Future. Palo Alto, CA: Stanford University Press, 2013.

India's most recognized celebrity chef Sanjeev Kapoor has been an integral part of the country's food industry since 1993. As a celebrity chef, Kapoor enjoyed a 17-year run of his hit TV cooking show “Khana Khazana,” published more than 100 cookbook titles in multiple languages and endorsed a variety of brands. Kapoor later turned entrepreneur when he established a restaurant company that has partnered with more than 60 restaurant franchisees worldwide and launched his own TV channel—FoodFood. Although Kapoor has multiple businesses, he continues to find more exciting growth opportunities coming his way.

Since its founding eight years earlier, Hidrovias do Brasil (“Hidrovias”), an integrated logistics provider serving corporate customers exporting products from South America via the Atlantic Ocean, had grown to 900 employees and $253 million in annual revenues. Hidrovias was founded by the Brazilian private equity firm, Pátria Investments, who had built the business from the ground up, forging and nurturing relationships with customers, investors, government entities, and suppliers. As Bruno Serapiao, Hidrovias’s CEO pondered next steps for the company, he considered: What had been the key drivers of Hidrovias’s success to date? What were the major challenges? And, what was the best path for the company going forward?

In October 2018, Chef Carme Ruscalleda, the most-starred woman chef in the world at the time, closed the doors of her Restaurant Sant Pau (Sant Pau), as she had on almost every night for the past 30 years—this time for the last time. Ruscalleda had opened the restaurant in 1988 with her husband and partner. Sant Pau had a rating of three Michelin stars, the highest rating available to a restaurant through the well-known MICHELIN Guide to fine dining. Her other two restaurants—Sant Pau Tokyo, a sister restaurant in Japan, and Moments, in Barcelona’s Mandarin Oriental Hotel—had two Michelin stars each. Many people—from the village and around the world—were sad to see the iconic restaurant close after so many decades. The case describes her approach to cooking, managing teams, dealing with stress, running a family business and constantly reinventing herself.

Faculty & Research

Wall Street Research: Past, Present, and Future

Abstract

Citation:

About the Authors

More from these Authors