Description
Financial analysts employed by securities firms play an important role in the capital markets. Most importantly, the
reports that they produce are given great consequence by many market participants. A review of the practitioner
descriptions and academic studies about these analysts reveal several open questions. For these purposes, institutional
theory is brought to bear upon this quasi-professional group. Four specific hypotheses are proposed and evaluated
using both latent and manifest content analysis. The results indicate that the workof financial analysis cannot be
understood except as part of the social fabric that embeds professional claims. The institutions that surround the
delivery of opinions regarding the merits of equity investments are powerful influences on the workproduct of analysts.
doc_516263612.pdf
Financial analysts employed by securities firms play an important role in the capital markets. Most importantly, the
reports that they produce are given great consequence by many market participants. A review of the practitioner
descriptions and academic studies about these analysts reveal several open questions. For these purposes, institutional
theory is brought to bear upon this quasi-professional group. Four specific hypotheses are proposed and evaluated
using both latent and manifest content analysis. The results indicate that the workof financial analysis cannot be
understood except as part of the social fabric that embeds professional claims. The institutions that surround the
delivery of opinions regarding the merits of equity investments are powerful influences on the workproduct of analysts.
doc_516263612.pdf