Human Versus Machine: A Comparison of Robo-Analyst and Traditional Research Analyst Investment Recommendations

2022 ◽  
Author(s):  
Braiden Coleman ◽  
Kenneth J. Merkley ◽  
Joseph Pacelli
Keyword(s):  
Investment Banking ◽  
Comprehensive Analysis ◽  
Analyst Recommendations ◽  
Human Research ◽  
Traditional Research ◽  
Balanced Distribution ◽  
Banking Business ◽  
Glamour Stocks ◽  
Research Analysis

We provide the first comprehensive analysis of the properties of investment recommendations generated by “Robo-Analysts,” which are human-analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations differ from those produced by traditional “human” research analysts across several important dimensions. First, Robo-Analysts produce a more balanced distribution of buy, hold, and sell recommendations than do human analysts and are less likely to recommend “glamour” stocks and firms with prospective investment banking business. Second, automation allows Robo-Analysts to revise their recommendations more frequently than human analysts and incorporate information from complex periodic filings. Third, while Robo-Analysts’ recommendations exhibit weak short-window return reactions, they have long-term investment value. Specifically, portfolios formed based on the buy recommendations of Robo-Analysts significantly outperform those of human analysts. Overall, our results suggest that automation in the sell-side research industry can benefit investors.

Analysts’ Incentives to Overweight Management Guidance When Revising Their Short-Term Earnings Forecasts

2010 ◽  
Vol 85 (5) ◽  
pp. 1617-1646 ◽  
Author(s):  
Mei Feng ◽  
Sarah McVay
Keyword(s):  
Forecast Accuracy ◽  
Earnings Forecasts ◽  
Investment Banking ◽  
Equity Offerings ◽  
Short Term ◽  
Management Guidance ◽  
Banking Business

ABSTRACT: We document that, when revising their short-term earnings forecasts in response to management guidance, analysts wishing to curry favor with management weight the guidance more heavily than predicted, based on the credibility and usefulness of the guidance. This overweighting of guidance is present prior to equity offerings and other events that could lead to investment banking business. Although analysts sacrifice their forecast accuracy by overweighting management guidance, they appear to benefit, on average, by subsequently gaining the underwriting business for their banks. Thus, while analysts wishing to please managers are optimistic in their long-term earnings forecasts, they take their cue from management when determining their short-term earnings forecasts.

scholarly journals Comprehensive analysis and insights gained from long-term experience of the Spanish DILI registry

2021 ◽  
Author(s):  
Camilla Stephens ◽  
Mercedes Robles-Diaz ◽  
Inmaculada Medina-Caliz ◽  
Miren Garcia-Cortes ◽  
Aida Ortega-Alonso ◽  
...  
Keyword(s):  
Comprehensive Analysis ◽  
Long Term Experience

Off-pump direct hepatic veins-to-hemiazygos vein anastomosis after primary Kawashima operation: long-term result

2021 ◽  
pp. 1-3
Author(s):  
Renate Kaulitz ◽  
Gerhard Ziemer ◽  
Michael Hofbeck
Keyword(s):  
Venous Blood ◽  
Venous Drainage ◽  
Hepatic Veins ◽  
Off Pump ◽  
Hemiazygos Vein ◽  
Close Proximity ◽  
Hepatic Venous Blood ◽  
Balanced Distribution ◽  
Long Term Result

Abstract Direct hepatic veins-to-hemiazygos connection offers the balanced distribution of hepatic venous blood to both lungs, not requiring anticoagulation. We report a 13-year follow-up after this type of off-pump Fontan completion. Patient’s hepatic veins-to-hemiazygos confluence increased with growth to allow for unobstructed flow. This unique technique can be recommended in heterotaxy patients, if atrial hepatic venous drainage and hemiazygos vein are in close proximity.

Comprehensive Analysis of Long-Term Outcomes after HeartMate 3 LVAD Implantation Depending on Surgical Access

2021 ◽  
Vol 40 (4) ◽  
pp. S180-S181
Author(s):  
R. Antończyk ◽  
A. Biełka ◽  
M. Kalinowski ◽  
J. Waszak ◽  
J. Małyszek-Tumidajewicz ◽  
...  
Keyword(s):  
Comprehensive Analysis ◽  
Long Term Outcomes ◽  
Surgical Access

scholarly journals Perbankan Syariah dan Pertumbuhan Ekonomi Indonesia: Bagaimana Kontribusinya?

Al-Muzara ah ◽  
2020 ◽  
Vol 8 (2) ◽  
pp. 129-140
Author(s):  
Emy Widyastuti ◽  
Yusvita Nena Arinta
Keyword(s):  
Economic Growth ◽  
Market Share ◽  
Secondary Data ◽  
Islamic Banking ◽  
Investment Financing ◽  
Banking Business ◽  
Negative Effect ◽  
Capital Financing ◽  
Variable Consumption

Islamic banking takes part in the Indonesian economic and financial system which contributes to the dynamics of eeconomic growth. The number of Islamic banks in Indonesia, through its market share, is still quite small, namely 5.95% in 2019 of the total national banking market share. One of the main activities of Islamic banking is channeling financing through financing based on the type of use and business category. This study aims to determine the short-term and long-term contribution of Islamic banking to Indonesia's economic growth using the Vector Error Correction Model (VECM) method. The data used in this study are quarterly secondary data of real Gross Domestic Product (GDP) and financing based on the use and category of Indonesian Islamic banking business types, which consist of working capital financing, investment financing and consumption financing. The results showed that in the short and long term, the variable consumption financing had a significant negative effect on Indonesia's economic growth.

scholarly journals What has happened and what has not happened due to the coronavirus disease pandemic: a systemic perspective on policy change

2022 ◽  
Author(s):  
Christoph Knill ◽  
Yves Steinebach
Keyword(s):  
Policy Change ◽  
Comprehensive Analysis ◽  
Policy Agenda ◽  
Economic Crises ◽  
Policy Area ◽  
Catching Up ◽  
Policy Transformations ◽  
Gains And Losses ◽  
Academic Debate

Abstract The societal and policy transformations associated with the coronavirus disease pandemic are currently subject of intense academic debate. In this paper, we contribute to this debate by adopting a systemic perspective on policy change, shedding light on the hidden and indirect crisis effects. Based on a comprehensive analysis of policy agenda developments in Germany, we find that the pandemic led to profound shifts in political attention across policy areas. We demonstrate that these agenda gains and losses per policy area vary by the extent to which the respective areas can be presented as relevant in managing the coronavirus disease crisis and its repercussions. Moreover, relying on the analysis of past four economic crises, we also find that there is limited potential for catching up dynamics after the crisis is over. Policy areas that lost agenda share during crisis are unlikely to make up for these losses by strong attention gains once the crisis is over. Crises have hence substantial, long-term and so far, neglected effects on policymaking in modern democracies.

Numerical Simulation on Deformation Features and Filling Efficiency of Channel Goaf Foundation

2013 ◽  
Vol 353-356 ◽  
pp. 3707-3712
Author(s):  
Zhi Dong Zhou ◽  
Hong Bo Zhang ◽  
Xiu Guang Song ◽  
Hong Ya Yue
Keyword(s):  
Numerical Simulation ◽  
Comparative Analysis ◽  
Comprehensive Analysis ◽  
Obvious Effect ◽  
Before And After ◽  
Check Gate ◽  
Deformation Features ◽  
Natural Foundation ◽  
The Stability

For analyzing and evaluating the deformation features of channel goaf foundation and its effect on superstructure, according to the foundation reinforcement engineering of Ji-Liang Channel Check Gate, the comparative analysis on the differential settlement between the unfavorable foundation and natural foundation was performed by numerical simulation with FLAC3D. The computer results showed that the present foundation had obvious effect on the stability and security of the superstructure, so the engineering treatment are needed. Based on technical-economic comprehensive analysis among three treatment methods for strengthening the channel golf foundation with different kinds of filling, the reasonable method is put forward in this paper. By comparing mechanical characteristic of flashboard in channel goaf before and after strengthening, we confirmed the foundation stability of channel goaf and the security of the ground building which can satisfy the long term usage requirements.

Brand Equity of Store Brands and Its Effect on Customer Value

2016 ◽  
pp. 154-181
Author(s):  
Natalia Rubio ◽  
Nieves Villaseñor ◽  
Maria Jesús Yague
Keyword(s):  
Brand Equity ◽  
Customer Value ◽  
Comprehensive Analysis ◽  
Private Label ◽  
Retail Sector ◽  
Store Brands ◽  
Potential Value ◽  
Private Label Brands ◽  
Retail Chains

This chapter develops a comprehensive analysis of the self-perception of value that the customer brings to the different retail chains present in the Spanish consumer goods retail sector. The authors incorporate a metric to determine the value that costumers have for the retail chains included in the study, and the brand equity of their store brands. The value supplied by their customers is defined as the perception of their loyal behavior and profitability on a long-term context. The measurement of this concept is based on personal judgments on repurchase intention and recommendation at present (named actual value), as well as their intention to acquire different products and brands sold by the company in the future (named potential value). Also, the chapter develops an analysis of the components that generate the brand equity of private label brands and their contribution to building customer value for the chains.

A Brief History of Investment Banking from Medieval Times to the Present

2016 ◽  
pp. 132-162
Author(s):  
Caroline Fohlin
Keyword(s):  
Investment Banking ◽  
Legal Regulation ◽  
Derivative Securities ◽  
Banking Services ◽  
Trade Routes ◽  
Investment Bankers ◽  
Developed Economies ◽  
History Of ◽  
Almost All

Investment banking taken generally to mean the financing of long-term capital needs, came into being with the merchants of medieval trade routes. In almost all developed economies of the world, even those developing late in the nineteenth century, investment bankers emerged from merchant banking roots. The provision of investment banking services has come from a variety of institutions over time and across countries. Products and services have evolved to include complex, often derivative, securities; and the legal regulation of investment banking has often changed abruptly, particularly in the last 100 years. Thus, even well-known investment banking names that have endured over the centuries bear little resemblance to their ancestors.

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