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Securities research is a discipline within the financial services industry. Securities research professionals are known most generally as "analysts," "research analysts," or "securities analysts;" all the foregoing terms are synonymous. Securities analysts are commonly divided between the two basic kinds of securities: equity analysts (researching stocks and their issuers) and fixed income analysts (researching bond issuers). However, there are some analysts who cover all of the securities of a particular issuer, stocks and bonds alike. Securities analysts are usually further subdivided by industry specialization (or sectors) -- among the industries with the most analyst coverage are biotechnology, financial services, energy, and computer hardware, software and services. Fixed income analysts are also often subdivided by asset class—among the fixed income asset classes with the most analyst coverage are convertible bonds, high yield bonds (see high-yield debt), and distressed bonds (see distressed securities). (Although technically not securities, syndicated bank loans typically fall within the domain of fixed income analysts, and are covered, as if they were bonds, by reference to the industry of their borrowers or asset class in which their credit quality would place them.) In the broadest terms, securities analysts seek to develop, and thereafter communicate to investors, insights regarding the value, risk, and volatility of a covered security, and thus assist investors to decide whether to buy, hold, sell, sell short, or simply avoid the security in question or derivative securities (see: derivative). To gather the information required to do so, securities analysts review periodic financial disclosures (such as made by United States-listed issuers to the Securities and Exchange Commission) of the issuer and other relevant companies, participate or listen in on management conference calls, read industry news and use trading history and industry information databases, interview managers and customers of the issuer, and (sometimes) perform their own primary research. ==Securities research firms== Securities include equities, bonds, and various other financial instruments, and can be categorized by the security type or whether they are buy-side research or sell-side research. Equity research is conducted by sell-side analysts at investment banks and independent equity research boutiques. On the buy-side, investors also perform buy-side research; however, this is often not published and is inconsistent. Professional researchers focus on particular industries and regularly attend quarterly earnings conference calls. Sell-side research is offered as part of a broad set of financial services including broking and corporate finance. Sell-side research is very expensive for retail investors to obtain. It is typically purchased by institutional investors through Thomson Reuters subscription services or Bloomberg terminals. Independent equity research has largely sprung into existence as a result of scandals such as Enron, Lernout & Hauspie and Worldcom where investment banks wrote positive research despite deteriorating fundamentals or fraudulent management. Credit rating agencies such as Moody's, Fitch, and S&P provide a similar service for bond securities. There are also a few retail investor firms such as Morningstar, SEENSCO, Valueline, and Zacks Investment Research. Investment banks *Bank of America Securities *Barclays Capital *Berenberg Bank *BMO Capital Markets *BNP Paribas *Deutsche Bank *Canaccord Genuity *Cantor Fitzgerald *Citigroup *Credit Agricole Corporate and Investment Bank *Credit Suisse *Evercore Partners *Goldman Sachs *Guggenheim Partners *HSBC *Jeffries *JPMorgan Chase *Lazard *Macquarie Group *Morgan Stanley *Nomura Holdings *Oppenheimer & Co *Raymond James Financial *RBC Capital Markets *Simmons & Company International *Société Générale *Stifel *TD Securities *UBS *Wells Fargo Independent *Ford Equity Research, a division of Mergent; reports available on some discount brokerages (e.g. TD Ameritrade) *Standard & Poors, which provides its reports through some discount brokerages (e.g. TD Ameritrade) *Dun & Bradstreet (not primarily focused on publicly traded securities) *A.M. Best (particularly focused on insurance firms) 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「securities research」の詳細全文を読む スポンサード リンク
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