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Equity market interactions: Exploring the role performance of analysts at earnings presentations
Stockholm University, Faculty of Social Sciences, Stockholm Business School.ORCID iD: 0000-0001-9646-6320
(English)Manuscript (preprint) (Other academic)
Abstract [en]

Purpose: This study contributes to the sociology of financial analysts by exploring sell-side analysts’ presentation of self and the public dramatizations of their professional roles. The study addresses the following research question: How do analysts perform their professional roles in interactions with managers, fund managers and other analysts?

Design/methodology/approach: The study adopts a dramaturgical analysis to analysts’ interactions with managers and fund managers. The empirical material includes 50 hours of direct observations of earnings presentations and 21 interviews with analysts, managers and other relevant actors.

Findings: The findings show that analysts struggle with role conflicts because they need to satisfy the contrasting demands of managers, fund managers and colleagues. Performing the role as expert critic is foremost dependant on managers’ approval yet analysts find themselves in situations where they must threaten managers’ appearances. The resulting role performance is therefore underbuilt by displays of role distance and careful preparation to meet the expectations of their audiences. In order to maintain their roles as expert critic, the analysts are dependent on both those taking their advice (fund managers) and those being reviewed (managers).

Originality/value: This study is one of few empirically rich investigations of analyst activities, analyst-manager interactions and meetings with distinct audiences. It also contributes to previous interview studies using dramaturgical analysis by offering in-depth observations of a single, distinct situated-activity system.

Keyword [en]
Sell-side analysts, face-to-face interactions, dramaturgy, role performance, role conflict, role distance
National Category
Business Administration
Research subject
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-133280OAI: oai:DiVA.org:su-133280DiVA: diva2:958024
Available from: 2016-09-05 Created: 2016-09-05 Last updated: 2016-09-08Bibliographically approved
In thesis
1. The Pursuit of Relevance: Studies on the Relationships between Accounting and Users
Open this publication in new window or tab >>The Pursuit of Relevance: Studies on the Relationships between Accounting and Users
2016 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

Relevance has become one of the key priorities for accounting policy, and implies that accounting should have an impact on the economic decision-making of accounting users. Despite the increased importance given to users, however, little is known concerning the properties of such relevance in practice. Furthermore, the lack of insight into the practices of users has been mitigated with a theoretical perspective of decision-making which supports an insufficient understanding of how stock markets function and how accounting users behave.

This dissertation contributes to the emerging interest in the sociology of financial analysis by following users in their pursuit of relevance. By theorising financial analysis as a social and institutional practice, this dissertation investigates not only how accounting is relevant but also how such relevance is influenced by the particular setting of accounting users. Furthermore, the understanding of relevance as located within the activities leading up to a decision is here extended by emphasising the continuous activities of users and therefore also the role of accounting in the management of their decisions.

Based on in-depth field studies targeting the activities of (sell-side) equity research analysts and equity sales brokers, this dissertation presents four papers addressing different notions of accounting, users and relevance. Theoretical insights are drawn from sociology and include actor-network theory, dramaturgy and text-and-conversation-theory. The studies find that the organisation of the sell-side industry necessitates a use of accounting which accentuates the links between accounting, users and investments recommendations. This dissertation concludes that, in order to produce and sustain such links, relevance becomes (a) mediated by a variety of elements, (b) based on the production of differences, and (c) mutually constitutive for accounting and users. 

Place, publisher, year, edition, pages
Stockholm: Stockholm Business School, Stockholm University, 2016. 75 p.
Keyword
Accounting, Information, Relevance, Financial analysis, Social and Institutional Practice, Capital Markets, Sell-side, Analyst, Broker, Equity sales, Investment recommendations
National Category
Business Administration
Research subject
Business Administration
Identifiers
urn:nbn:se:su:diva-133275 (URN)978-91-7649-492-9 (ISBN)
Public defence
2016-10-27, Gröjersalen, hus 3, Kräftriket, Roslagsvägen 101, Stockholm, 13:00 (English)
Opponent
Supervisors
Note

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.

 

Available from: 2016-10-04 Created: 2016-09-05 Last updated: 2016-09-23Bibliographically approved

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