This paper extends qualitative research on sell-side analysts by investigating how analysts compete against each other in the market for investment advice. The paper challenges the assumption that analysts must utilize private information in such competition, and investigates the role of a public setting – the quarterly earnings presentation – for analysts’ analytical work and client communication. The paper draws on an in-depth field study, comprising observations and interviews, and theorizes analysts as frame-makers when analyzing the materials. The study reveals how accounting reports place assumptions within the valuation practices of the share into question and risk ‘overflowing’ established calculative frames. The analysts utilized such uncertainty to enhance their dialogues with both clients and managers. Reacting to public information, therefore, served a central role for analysts’ competition, whereas proactively developing investment cases and acquiring private information were of less importance. These findings are discussed against recent developments of the sell-side industry’s remuneration models, and it is argued that experience has become an increasingly valuable quality. The paper also contributes to the perspective of analysts as frame-makers by shifting attention to overflows and how calculative frames develop through so-called ‘cold’ negotiations.

本文通过调查分析师如何在投资建议市场上相互竞争，扩展了对卖方分析师的定性研究。本文挑战了分析师必须在此类竞争中利用私人信息的假设，并调查了公共环境（季度收益报告）对分析师分析工作和客户沟通的作用。本文借鉴了深入的实地研究，包括观察和访谈，并在分析材料时将分析师理论化为框架制定者。该研究揭示了会计报告如何对股份估值实践中的假设提出质疑，以及风险“溢出”已建立的计算框架。分析师利用这种不确定性来加强与客户和经理的对话。对公开信息作出反应，因此，在分析师的竞争中起着核心作用，而主动开发投资案例和获取私人信息则不太重要。这些发现是针对卖方行业薪酬模式的最新发展进行讨论的，并且认为经验已成为一种越来越有价值的品质。该论文还通过将注意力转移到溢出以及计算框架如何通过所谓的“冷”谈判发展而有助于分析师作为框架制定者的观点。有人认为，经验已成为一种越来越有价值的品质。该论文还通过将注意力转移到溢出以及计算框架如何通过所谓的“冷”谈判发展而有助于分析师作为框架制定者的观点。有人认为，经验已成为一种越来越有价值的品质。该论文还通过将注意力转移到溢出以及计算框架如何通过所谓的“冷”谈判发展而有助于分析师作为框架制定者的观点。