华尔街 如何写股票研究报告.pdf

Writing an Equity Research Report Advanced Company Valuation Uppsala University Department of Business Studies © Copyright 2006, Joachim Landström. All rights reserved L0- 2 What is an equity research report? The equity research report is a communication from a securities firm to its clients with a very specific purpose: It is intended to help an investor make a decision about the allocation of resources. All other purposes are secondary. What constitutes a “research report”? In Sweden it is not specified. As is the case in many other countries. The New York Stock Exchange (Rule 472) generally defines “research report” as: • “a written or electronic communication which includes an analysis of equity securities of individual companies or industries, and provides information reasonably sufficient upon which to base an investment decision.” © Copyright 2006, Joachim Landström. All rights reserved 1 L0- 3 Who reads an equity research report? Who reads a research report? Investment professionals (pension and mutual fund managers, institutional sales people, bankers, wealth management specialists, the subject companies’ own financial personnel, retail brokers servicing individual clients, etc.) What are the readers looking for? More than anything else – ideas for directing their own inquiries: virtually all investment professionals do