Investor Demand for Sell-Side Research

57 Pages Posted: 11 Nov 2012 Last revised: 30 Mar 2017

See all articles by Alastair Lawrence

Alastair Lawrence

London Business School

James Ryans

London Business School

Estelle Sun

Boston University - Questrom School of Business

Date Written: June 15, 2016


We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when such users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days this preference is reversed. Moreover, the demand for analyst information substantially trumps that of SEC filings and financial statement information.

Keywords: Analyst demand; financial reporting events; analyst ability; retail investors

JEL Classification: M41, G14, G24

Suggested Citation

Lawrence, Alastair and Ryans, James and Sun, Estelle Yuan, Investor Demand for Sell-Side Research (June 15, 2016). Accounting Review, Vol. 92. No. 2, 2017, Available at SSRN: or

Alastair Lawrence (Contact Author)

London Business School ( email )

Regent's Park
United Kingdom


James Ryans

London Business School ( email )

Sussex Place
Regent's Park
London, NW1 4SA
United Kingdom


Estelle Yuan Sun

Boston University - Questrom School of Business ( email )

595 Commonwealth Avenue
Boston, MA MA 02215
United States
1-617-353-2353 (Phone)

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