equities research
DESCRIPTION
Equities Research. “The Good, The Bad and The Ugly”. Equities Research: The Good. Business and the Economy well covered in media Public companies have filing requirements Good variety of sources to work with Same/similar info in different places Archive (history) depends on source - PowerPoint PPT PresentationTRANSCRIPT
Equities Research
“The Good, The Bad and The Ugly”
Equities Research: The Good
Business and the Economy well covered in media
Public companies have filing requirements
Good variety of sources to work with Same/similar info in different places
Archive (history) depends on source Presentation options (excel downloads?)
Equities Research: The Bad
Business and the Economy well covered in media lots and lots of information reliability/bias issues
Overlap Private companies
(parent/subsidiary issues) Complexity of sources Reliability of sources
Business Research: The Ugly
You Need a Plan
Research Process
Four Steps:
1) Nature and Extent of Information Needed
2) Access Information Effectively and Efficiently
3) Evaluate Critically and Incorporate into Knowledge Base/Value System
4) Use Information Ethically and Legally
Step One
Nature and Extent
Choose Your Topic Wisely public companies Canada
Banks Energy
United States Automotive Pharma Airlines
Abbott Laboratories
Industry Info
comparatorsIncome Stmt/Balance Sheet stock analysis
Financial
Drug PipelineManagement Team
History, background,
overview
Recent News
Abbott Laboratories
Industry Info
comparatorsIncome Stmt/Balance Sheet stock analysis
Financial
Drug PipelineManagement Team
History, background,
overview
Recent News
company website,Company profile,
book
news articles
Mergent, FPInfomart
company website, proxy
factiva, industry canada
Step Two
Access Information Effectively and Efficiently
Company Websites Company overview Annual Report Financial statements News releases Speeches Product information Management Team and more…..(all from the company’s
perspective)
Broadest Coverage Hoover’s Business Source Complete
Most In-depth Mergent (for US) FPInfomart (for CAN)
Filings SEC/EDGAR SEDAR
Company Research Databases
More Company Research Databases
Additional Information Factiva – global news and company reports GMID – market information Industry Canada – industry information Lexis-Nexis – a few analyst reports Datastream
Hoover’s
Hoovers
Business Source Complete
Mergent
Compare by Company or Industry/Sector
FP Infomart
Factiva
4079 hits!
Narrow by Industry Topic
Narrow by Geographic Region
Good idea to SEGMENT your search and do different pieces separately.
Companies/Markets Tab• Quotes• Charting• Company
Charting Menu
Build Your Own Company Report
Government Filing Sites
SEDAREDGAR
EDGAR (SEC DOCUMENTS SEARCH)
MARKET AND INDUSTRY INFORMATION
Global Market Information
Database
Industry Canadawww.ic.gc.ca
Economic Information Bank of Canada Federal Reserve National Bureau of Economic
Research Bureau of Labor Statistics Economist Intelligence Unit (EIU) Conference Board of Canada
The Fed (USA)www.federalreserve.gov
National Bureau of Economic
Researchwww.nber.org
Bureau of Labor Statistics
www.bls.gov
Economist Intelligence Unit
EIU for World Market
Information
Searching for Articles
Company News Searching: Hints
Too many results Limit by date Search head/lead where option
available Search specific company issues
follow-up on a press release Limit sources
weed out press releases use phrase searching (“general
motors”)
Company News Searching: Hints
Too few results Expand dates Search full text Expand keywords
synonyms alternate name forms (General Motors
versus GM) parent/subsidiary
Expand sources
Keyword Searching
Refresher??Slides here for reference only; this topic will not be
covered in class.
Constructing a Keyword Search
ANDOR$,*
“ ”
Boolean Operator AND AND = LESS records must include BOTH
concepts use “and” between required
concepts
avian flu AND vaccine
Boolean Operator OR OR = MORE records must include EITHER
concept use “or” between synonyms enclose synonyms in brackets.
avian flu OR bird flu
Wildcard Symbol Rather than:
engineer or engineers or engineered or engineering
Use the root of the word plus the wildcard symbol to find all variations of the word
Here’s how….
Shorten the words to the last common letter…
E N G I N E E RE N G I N E E R SE N G I N E E R I N GE N G I N E E R E D
Each database has it’s own wildcard symbol. $ ? ! * are the most common…
E N G I N E E RE N G I N E E R SE N G I N E E R I N GE N G I N E E R E D
E N G I N E E R *
Use the wildcard symbol on the end of the word root:
Quotation Marks Search: Hockey Night In Canada
retrieves: A day and night in the life of Canada, by John Hockey.
Better Search: “Hockey Night in Canada”
retrieves only the specific phrase
Step Three
Analyze and Evaluate
Analyzing Business Sources
Timeliness Reliability Bias Geography Perspective Source Purpose
The lies that PR people
tell are usually liesof omission rather
thanoutright
falsehoods. Eric SparlingAuthor of “Confessions of a Former
Spin Doctor”http://www.prwatch.org/prwissues/
2000Q2/sparling3.html
Step Four
PresentAccording to your Professor’s Instructions
