Securities analysts as information-seekers

This study develops and tests hypotheses that individual characteristics and institutional resources influence the information sources and communication channels that securities analysts use and also influence the analysts' outcomes, and that use of these sources and channels influences the outcomes of analysts' activities. The data for this study were collected through a telephone survey administered to a random sample of 100 securities analysts from 40 of the largest investment banking firms in the United States and the United Kingdom. The results show that individual characteristics have little influence on the information sources and communication channels used by analysts, but institutional resources significantly influence the information sources and communication channels analysts use, and also directly influence outcomes. The paper ends with implications for information science professionals.