SECURITIES ANALYSTS AS INFORMATION-SEEKERS

This study develops and tests hypotheses that individual characteristi cs and institutional resources influence the information sources and c ommunication channels that securities analysts use and also influence the analysts' outcomes, and that use of these sources and channels inf luences the outcomes of analysts' activities. The data for this study were collected through a telephone survey administered to a random sam ple of 100 securities analysts from 40 of the largest investment banki ng firms in the United States and the United Kingdom. The results show that individual characteristics have little influence on the informat ion sources and communication channels used by analysts, but instituti onal resources significantly influence the information sources and com munication channels analysts use, and also directly influence outcomes . The paper ends with implications for information science professiona ls.