The extensive literature on sell-side analysts makes little reference to equity sales as a significant economic actor in the field. Drawing on a recent field study, our empirical evidence identified equity sales teams within brokers, who promote research to external clients, as a powerful agent cluster in close time-space proximity to analysts. This paper sheds light on analyst-sales interactions, which we contend represent an important field condition. The study employs concepts from strong structuration theory, in particular position-practice relations, to develop a narrative about sell-side analysts’ and sales team positional obligations, privileges, power relations and matters of trust. Our study makes three contributions. Firstly, we identify the symbiosis embedded in the relationship between sales and research - analysts need equity sales to market their product, to positively influence client perceptions of analysts and to provide access to prized fund managers. In turn, sales need analysts to provide content for them to market. Secondly, integral to sales-analyst interactions is the provision of feedback, which causes difficulties in the relationship, leaving analysts vulnerable to sales influence. Thirdly, regulatory tension has changed sales-analyst interactions, and this can enrich our understanding of why analysts continue to publish commoditised research into highly competitive markets.

关于卖方分析师的大量文献很少提及股票销售作为该领域的重要经济参与者。根据最近的一项实地研究，我们的实证证据表明，经纪人内部的股票销售团队向外部客户推广研究，是一个强大的代理集群，在时空接近分析师。本文阐明了分析师与销售之间的互动，我们认为这是一个重要的现场条件。该研究采用强结构化理论中的概念，尤其是职位-实践关系，来阐述卖方分析师和销售团队的职位义务、特权、权力关系和信任问题。我们的研究做出了三个贡献。首先，我们确定了销售与研究之间的共生关系——分析师需要通过股票销售来推销他们的产品，积极影响客户对分析师的看法，并提供接触宝贵基金经理的机会。反过来，销售需要分析师为他们提供营销内容。其次，销售分析师互动不可或缺的是提供反馈，这会导致关系出现困难，使分析师容易受到销售影响。第三，监管紧张已经改变了销售分析师的互动，这可以丰富我们对分析师为何继续在竞争激烈的市场上发布商品化研究的理解。销售需要分析师为他们提供营销内容。其次，销售分析师互动不可或缺的是提供反馈，这会导致关系出现困难，使分析师容易受到销售影响。第三，监管紧张已经改变了销售分析师的互动，这可以丰富我们对分析师为何继续在竞争激烈的市场上发布商品化研究的理解。销售需要分析师为他们提供营销内容。其次，销售分析师互动不可或缺的是提供反馈，这会导致关系出现困难，使分析师容易受到销售影响。第三，监管紧张已经改变了销售分析师的互动，这可以丰富我们对分析师为何继续在竞争激烈的市场上发布商品化研究的理解。