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Distribution channels of analyst research: new evidence

Author

Listed:
  • Dan Amiram

    (Tel-Aviv University)

  • Zahn Bozanic

    (Florida State University)

  • Mark Bradshaw

    (Boston College, Carroll School of Management)

  • Oded Rozenbaum

    (George Washington University)

Abstract

The channels through which analyst research data are distributed are complex. The I/B/E/S database is the dominant source for analyst earnings estimates for academics, but there are numerous other channels, some of which are cost prohibitive for many investors. We describe the distribution of analyst research and examine whether a high-cost alternative distribution channel, TR Research, is characterized by higher quality estimates than those available from I/B/E/S. We examine analyst forecast accuracy, bias, and informativeness and find that TR Research estimates are more accurate and less biased than estimates exclusively distributed via I/B/E/S. We further find that TR Research estimates are associated with greater market reaction and lower information asymmetry, consistent with the higher quality of these estimates. Our study highlights differences in brokerage and analyst incentives regarding research distribution and documents a specific setting where a subset of investors pays for access to superior analyst research.

Suggested Citation

  • Dan Amiram & Zahn Bozanic & Mark Bradshaw & Oded Rozenbaum, 2025. "Distribution channels of analyst research: new evidence," Review of Accounting Studies, Springer, vol. 30(4), pages 3421-3463, December.
    • Handle: RePEc:spr:reaccs:v:30:y:2025:i:4:d:10.1007_s11142-025-09893-5
    DOI: 10.1007/s11142-025-09893-5
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    JEL classification:

    • G0 - Financial Economics - - General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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