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Article
Publication date: 6 January 2022

Sara Bonesso, Fabrizio Gerli and Elena Bruni

Analytics technologies are profoundly changing the way in which organizations generate economic and social value from data. Consequently, the professional roles of data…

Abstract

Purpose

Analytics technologies are profoundly changing the way in which organizations generate economic and social value from data. Consequently, the professional roles of data scientists and data analysts are in high demand in the labor market. Although the technical competencies expected for these roles are well known, their behavioral competencies have not been thoroughly investigated. Drawing on the competency-based theoretical framework, this study aims to address this gap, providing evidence of the emotional, social and cognitive competencies that data scientists and data analysts most frequently demonstrate when they effectively perform their jobs, and identifying those competencies that distinguish them.

Design/methodology/approach

This study is exploratory in nature and adopts the competency-based methodology through the analysis of in-depth behavioral event interviews collected from a sample of 24 Italian data scientists and data analysts.

Findings

The findings empirically enrich the extant literature on the intangible dimensions of human capital that are relevant in analytics roles. Specifically, the results show that, in comparison to data analysts, data scientists more frequently use certain competencies related to self-awareness, teamwork, networking, flexibility, system thinking and lateral thinking.

Research limitations/implications

The study was conducted in a small sample and in a specific geographical area, and this may reduce the analytic generalizability of the findings.

Practical implications

The skills shortages that characterize these roles need to be addressed in a way that also considers the intangible dimensions of human capital. Educational institutions can design better curricula for entry-level data scientists and analysts who encompass the development of behavioral competencies. Organizations can effectively orient the recruitment and the training processes toward the most relevant competencies for those analytics roles.

Originality/value

This exploratory study advances our understanding of the competencies required by professionals who mostly contribute to the performance of data science teams. This article proposes a competency framework that can be adopted to assess a broader portfolio of the behaviors of big data professionals.

Details

International Journal of Manpower, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 20 January 2022

Omar Farooq, Fatimazahra Bendriouch, Harit Satt and Saad Archane

This paper aims to document the impact of product market competition on the value of analyst coverage.

Abstract

Purpose

This paper aims to document the impact of product market competition on the value of analyst coverage.

Design/methodology/approach

This paper uses variety of estimation techniques (panel regression as well as the quantile regression approaches) and the data for nonfinancial firms from India to document the impact of product market competition on the value of analyst coverage during the period between 2001 and 2018.

Findings

The findings show that the value of analyst coverage is an increasing function of product market competition. The authors argue that better information environment associated with firms operating in industries with high competition improves the quality of research done by analysts, thereby increasing the value of analyst coverage. The study results are consistent across different subsample and remain quantitatively the same when the authors use alternate estimation procedures.

Originality/value

The paper provides evidence regarding the role played by product market competition – a publicly available measure – on the value of research produced by analysts within the context of emerging markets.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 1 July 2003

Andreas Krause

Recent evidence suggests that financial analysts have substantial conflicts of interest when publishing their research reports. We argue that not only investors but also…

Abstract

Recent evidence suggests that financial analysts have substantial conflicts of interest when publishing their research reports. We argue that not only investors but also listed companies benefit from analyst coverage and suggest that the financial burden of such coverage be shifted entirely to those companies. This article presents a detailed evaluation of a not‐widely‐known proposal that stock exchanges ensure analyst coverage for the companies they list through a levy on their listing fees. We discuss key aspects of the regulatory framework required to ensure the independence of these financial analysts as well as some of its shortcomings. We conclude that this proposal has the potential to ensure the independence of financial analysts more efficiently than the current regulatory approach does.

Details

Journal of Investment Compliance, vol. 4 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 February 1997

G. Daryl Nord and Jeretta Horn Nord

A principal participant in developing computer‐based information systems is the systems analyst. A wide range of skills and knowledge requirements seems to be necessary to…

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Abstract

A principal participant in developing computer‐based information systems is the systems analyst. A wide range of skills and knowledge requirements seems to be necessary to be a systems analyst. To date, few studies have attempted to identify the specific skills that analysts indicate are critical to their success during the systems development life‐cycle process. Identifies and investigates the characteristics of a successful systems analyst’s domain and knowledge base. Specifically, groups domain knowledge into four major categories: technical skills, systems skills, managerial skills, and business skills. From within each category, analysts indicated which skills they perceived to be of importance to perform their job functions as systems analysts successfully. The results help identify the educational and training requirements for future systems analysts that need to be in place for both academic and corporate instructional programmes.

Details

Industrial Management & Data Systems, vol. 97 no. 1
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 1 June 2000

Steven R. Ferraro and Darrol J. Stanley

Briefly reviews previous research on the value of investment advisors’ recommendations and presents a study comparing portfolio returns from analysts’ recommendations in…

Abstract

Briefly reviews previous research on the value of investment advisors’ recommendations and presents a study comparing portfolio returns from analysts’ recommendations in the Wall Street Journal’s “Dartboard” contest 1990‐1996, four randomly selected shares and the Dow Jones Industrial Average. Finds the analysts’ portfolio has the highest average returns and standard deviation; and that although some individual analysts have excellent scores in the contest, this is inversely related to the number of times they participate. Suggests that they do not significantly outperform other portfolios, but that contest winners’ tips have significant effects on the market, especially for non‐listed shares. Assesses the implications of the results for the efficient market hypothesis and the share prices of firms with higher asymmetric information.

Details

Managerial Finance, vol. 26 no. 6
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 25 October 2021

Afroditi Papadaki and Olga-Chara Pavlopoulou-Lelaki

The purpose of this study is to examine the sophistication (accuracy, bias, informativeness for changes in accruals) and market pricing of analysts’ cash flow forecasts…

Abstract

Purpose

The purpose of this study is to examine the sophistication (accuracy, bias, informativeness for changes in accruals) and market pricing of analysts’ cash flow forecasts for Eurozone listed firms and the effects of financial distress and auditor quality.

Design/methodology/approach

Accuracy/bias is investigated using analysts’ cash flow forecast errors. The naïve extrapolation model is used to examine the forecasts’ informativeness for working capital changes. A total return model is used to examine value-relevance. This study controls for the forecast horizon, using the Altman z-score and a BigN/industry specialization auditor indicator to proxy for distress and auditor quality, respectively.

Findings

Analysts efficiently adjust earnings forecasts for depreciation during cash flow forecast formation but fail to efficiently incorporate working capital changes. Findings indicate cash flow forecasts’ accuracy improves for distressed firms and firms of high auditor quality, attributed to analyst conservatism and accounting choices and more accurate earnings forecasts, respectively. Cash flow forecasts’ value-relevance increases for distressed firms, particularly those of high auditor quality and timely forecasts.

Originality/value

To the best of the authors’ knowledge, this study is the first to examine analysts’ cash flow forecasts taking into consideration financial distress and auditor quality, controlling for the analyst forecast horizon.

Details

Accounting Research Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 5 October 2021

Omar Farooq

This paper documents the effect of different types of information on the value of financial analysts.

Abstract

Purpose

This paper documents the effect of different types of information on the value of financial analysts.

Design/methodology/approach

The authors use the pooled OLS regression and the data of nonfinancial firms from France to test our hypotheses. The data covers the period between 1997 and 2019.

Findings

The results show that analysts are more likely to cover those firms that incorporated greater proportion of market-wide information in their prices. Consistent with the economies of scale view, the authors argue that analysts specialize in the interpretation market-wide information. By doing so, they are able to cover relatively large number of firms simultaneously. The results also show that the value of analyst coverage (measured as the impact of analyst coverage on firm value, probability of stock price crash and probability of stock price jump) is a function of the extent to which different types of information are incorporated in prices. The authors’ results suggest that the impact of analyst coverage on firm value and on probability of crash is less pronounced in firms that incorporate greater proportion of market-wide information. In case of probability of jump, the results show that the impact of analyst coverage is more pronounced firms that incorporate greater proportion of market-wide information.

Originality/value

The major contribution of this paper is to document the impact of different types of information on the extent of analyst coverage. Furthermore, this paper also uses various measures (the impact of analyst coverage on firm value, probability of stock price crash and probability of stock price jump) to show how different types of information affects the value of analyst coverage.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

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Article
Publication date: 31 August 2021

Omar Farooq, Harit Satt and Fatimazahra Bendriouch

This paper aims to document the relationship between advertising expenditures and analyst coverage in a sample of Indian firms during the period between 2000 and 2019.

Abstract

Purpose

This paper aims to document the relationship between advertising expenditures and analyst coverage in a sample of Indian firms during the period between 2000 and 2019.

Design/methodology/approach

In order to test the effect of advertising expenditures on the extent of analyst coverage, the authors estimate various versions of pooled ordinary least squares (OLS) regression. The dependent variable (ANALYST) measures the total number of analysts covering a firm in a given year. The main independent variable of interest in this paper represents the advertising activity. The authors define the extent of advertising activity (ADVERT) as the ratio of total advertising expenditures and total assets.

Findings

The study’s results show that advertising expenditures have a significantly positive impact on the extent of analyst coverage and are robust across various proxies of the key variables and various estimation procedures.

Practical implications

There are a number of key takeaways from our study. First, firms that expend more resources on advertising are more likely to be followed by analysts which is associated with better performance, lower information asymmetries associated and high advertising expenditures. Second, stock prices with more information embedded in them may signify that these firms receive more attention from investors and have lower information asymmetries. And finally the impact of advertising on the decision of an analyst to cover a firm becomes more pronounced for firms with high stock price synchronicity. All these three main conclusions are giving investors a clear insight on analyst coverage, advertising expenditure and the link between the two.

Originality/value

The results are consistent with the argument that advertising expenditures induces analysts to cover firms because firms with high advertising activities are more likely to have better performance, lower information asymmetries and increased attention from investors. All of these factors are supposed to facilitate the analyst coverage.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 14 October 2021

Thomas A. King and Timothy J. Fogarty

Much in accounting research depends upon equity valuation. Too often, what the stock of publicly traded companies trade at is taken at its face value. Knowing that…

Abstract

Purpose

Much in accounting research depends upon equity valuation. Too often, what the stock of publicly traded companies trade at is taken at its face value. Knowing that valuation is a function of performance relative to consensus security analyst expectations, more needs to be known about how these expectations are created and changed. The paper aims to assert that the guidance provided by top-level company management is important to the work product of analysts. The paper develops information from managers involved in these interactions.

Design/methodology/approach

Semi-structured interviews were conducted with 31 high-level executives employed by large USA companies in several industries. What those companies provided was interpreted through the theoretical lens of institutional theory and amounts to a qualitative content analysis approach to the subject.

Findings

The authors find that institutional theory well describes the important features of analyst guidance. Participants are aware of the broad societal interest that exists in the outcome of the guidance process. The participants accept the need for independent analyst opinions about their companies and their future prospects. In many ways, executives provide analysts more than just raw information and employ strategic structuring for analysts to produce expectations that will allow their companies a favorable pathway to future success as such is judged by the markets. The result is understood as being in the best interests of all market participants, even if it disproportionately benefits current corporate leadership.

Research limitations/implications

Results are dependent upon the interview process, needing the correct questions to be asked and the willingness of interviewees to speak their lived truth. The paper calls into question traditional capital markets studies that evaluate quantitative relationships between projected accounting balances and subsequent stock market prices as a literal truth or as the result of scientific calculation.

Practical implications

Market participants should be somewhat more skeptical about companies that are routinely able to meet analyst expectations. To a large extent, such displays do not just happen but instead are manufactured to take place by virtual of a careful dance that is mindful of excesses on several sides.

Social implications

The antagonistic interests of two important groups in the stock market is actually an unrecognized symbiotic dependency that prioritizes continued permission.

Originality/value

The accounting literature is very dependent on the work product of analysts. This is a rare opportunity to peak behind the curtain of their expertise in a critical fashion. The paper breaks ranks with the literature by trying to understand the thinking behind the narratives of capital market participants.

Details

Accounting, Auditing & Accountability Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0951-3574

Keywords

Open Access
Article
Publication date: 27 September 2021

Francesca Rossignoli, Riccardo Stacchezzini and Alessandro Lai

European countries are likely to increasingly adopt integrated reporting (IR) voluntarily, after the 2014/95/EU Directive is revised and other initiatives are implemented…

Abstract

Purpose

European countries are likely to increasingly adopt integrated reporting (IR) voluntarily, after the 2014/95/EU Directive is revised and other initiatives are implemented. Therefore, the present study provides insights on the relevance of IR in voluntary contexts by exploring analysts' reactions to the release of integrated reports in diverse institutional settings.

Design/methodology/approach

Drawing on voluntary disclosure theory, a quantitative empirical research method is used to explore the moderating role of country-level institutional characteristics on the associations between voluntary IR release and analyst forecast accuracy and dispersion.

Findings

IR informativeness is not uniform in the voluntary context and institutional settings play a moderating role. IR release is associated with increased consensus among analyst forecasts. However, in countries with weak institutional enforcement, a reverse association is detected, indicating that analysts rely largely on IR where the institutional setting strongly protects investors. Although a strong institutional setting boosts the IR release usefulness in terms of accuracy, it creates noise in analyst consensus.

Research limitations/implications

Academics can appreciate the usefulness of voluntary IR across the institutional enforcement contexts.

Practical implications

Managers can use these findings to understand opportunities offered by IR voluntary release. The study recommends that policymakers, standard setters and regulators strengthen the institutional enforcement of sustainability disclosure.

Originality/value

This study is a unique contribution to recent calls for research on the effects of nonfinancial disclosure regulation and on IR “impacts”. It shows on the international scale that IR usefulness for analysts is moderated by institutional patterns, not country-level institutional characteristics.

Details

Journal of Applied Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0967-5426

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