The Number of Companies an Analyst follows
Posted: 02 June 2015 08:37 PM   [ Ignore ]
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Greetings everyone,

I have found and used the code that provides the number of analysts that follow a stock.
Now I am searching for how to see how many companies an analyst follows in one quarter and/or year.
Is it as simple as Proc Sort-ing based on ESTIMATOR, TICKER, ANALYS, and FPEDATS and then counting (N)?
And I am also looking for the opposite, how many analysts does a company have active in any one year and/or quarter.
Typically, when I think something is simple, I forget something.
Anyone have any clues or the code (SAS or STATA) to replicate Clement, 1999?

Thanks

Chris
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Posted: 03 June 2015 08:15 AM   [ Ignore ]   [ # 1 ]
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hi Chris,

Using IBES detail (detu_epsus) I would first select unique records (1 max) for each analys, ticker and year(anndats), and then count those (for yearly count). I would not include ‘estimator’, because analysts can switch brokerages. Also, FPEDATS is the period that is estimated. If an anlysts forecasts 3 quarters and 2 years, you’ll end up with 5 different FPEDATS.

The opposite (how many analysts does a company has active) is just the number of analyst following, right? That would be on the summary file, unless you want to construct it yourself. You would need to determine some ‘activity’period in which the analyst needs to forecast ‘something’ in order to be counted (so a window around ANNDATS, and count the number of unique ANALYS for a given ticker).

Hope this helps,

Joost

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Posted: 03 June 2015 10:18 AM   [ Ignore ]   [ # 2 ]
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Joost,

Thanks for the fast reply! The first part definitely helps. As for the second part, I was a little too loose in my terminology.
I should have written how many analysts does a brokerage have following a certain company for a certain year/qtr. Based on the first answer
you gave, I think I can put the code together. If I do, I’ll post it for your approval and dissemination.

I’m coding as we speak… or is it “as we blog?”...or forum post?

I also found a macro on the WRDS (Wharton) website titled unadjust_merge.sas.
It creates a detailed IBES table with both adjusted and unadjusted estimates AND actuals which are all on the same per-share basis.

Thanks and I hope this helps !!

Go GATORS !!

Chris
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Posted: 03 June 2015 12:28 PM   [ Ignore ]   [ # 3 ]
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hi Chris,

Wonderful! smile

I’m curious to know if multiple analysts from the same brokerage would follow the firm.

Thanks for that macro name on WRDS; I’ll take a look!

Best regards,

Joost

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Posted: 22 October 2015 05:23 AM   [ Ignore ]   [ # 4 ]
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Dear,

Please, I need to Khnow why i could not find the same number of analyst from detail history and summary history?.

Many thanks in adavance for your reply.

best,

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Posted: 22 October 2015 05:58 AM   [ Ignore ]   [ # 5 ]
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hi Nabi,

Can you describe the steps you took for this? It should be possible to construct summary from detail.

Best,

Joost

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Posted: 22 October 2015 06:29 AM   [ Ignore ]   [ # 6 ]
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Dear,

Thank you for your quick reply, 
For example; for accor (french firm) from the summary file in octobre 2012, I find that the number of analyst are 23
https://wrds-web.wharton.upenn.edu/wrds/ds/ibes/statsum/index.cfm.

But When I open the detail file in order to know the forecast estimate of every analyst, https://wrds-web.wharton.upenn.edu/wrds/ds/ibes/det/index.cfm I fin,d that in oct 2012,  10 analyst.


Many thanks in advance.

Regards,

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Posted: 22 October 2015 07:43 AM   [ Ignore ]   [ # 7 ]
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hi Nabi,

The #analysts in the summary file is the number of unique analysts that issued/changed an forecast for that company during the last X months (I believe 6 months—not sure). When you count #analysts in detail for some month, you will be missing the analysts in previous months.

Best,

Joost

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Posted: 22 October 2015 08:17 AM   [ Ignore ]   [ # 8 ]
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Dear,

Thank you for your reply.

I don’ understand what you are saying sorry.

For example, I need to khnow every month how many analyst follow the firm, and the mean and the st. deviation of their forecasting for example for EPS.
Also I need to khnow for each analyst, the value estimated.

Please, which file I have to use?

Many thanks for your reply.

Regards,

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Posted: 22 October 2015 08:42 AM   [ Ignore ]   [ # 9 ]
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hi Nabi,

It sounds like you need both summary (for #analysts, mean, stdev) and detail (for the individual analyst estimates).

Let me rephrase my comment: if analyst A provides a forecast in January and then revises that forecast in March, that analyst will have an entry in detail for January and March, but not for February. The analyst will be taken into account for determining #analysts in summary for January, February and March.

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Joost

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Posted: 22 October 2015 09:07 AM   [ Ignore ]   [ # 10 ]
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Dear,

Ok, I can understand Now,

Please, how can I find the file which contain the name or analyst code who revised/kept his forecating for the following months?
or the file which contain the value forecasting of an individual analyst every month (revised or not) for all firms?

Many thanks in advance smile

Best,

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Posted: 22 October 2015 09:24 AM   [ Ignore ]   [ # 11 ]
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hi Nabi,

Assuming you using rsubmit with SAS see here for an overview of IBES datasets (and their directories): https://wrds-web.wharton.upenn.edu/wrds/tools/variable.cfm?library_id=40

These may cover what you need:
DET_EPSINT I/B/E/S Detail History - Detail File with Actuals (EPS for International Region)
DET_EPSUS I/B/E/S Detail History - Detail File with Actuals (EPS for US Region)

Note that there are issues with adjusting for stock splits:
- for adjusted numbers there is the issue that rounding becomes an issue for ‘old’ numbers if the firm has made many stock splits over time
- for unadjusted numbers you need to adjust yourself (as numbers are not comparable over time as stock splits adjust the price and eps)

IBES offers variations of the datasets depending on adjusted/nonadjusted, and also datasets to do the adjusting yourself. That is relatively advanced stuff, by the way.

If you are not using SAS, WRDS also has a web interface to download datasets ‘manually’, e.g. https://wrds-web.wharton.upenn.edu/wrds/ds/ibes/navudet.cfm

Best,

Joost

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Posted: 22 October 2015 09:53 AM   [ Ignore ]   [ # 12 ]
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Ok smile I will try.

Many thanks smile

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Posted: 22 October 2015 10:18 AM   [ Ignore ]   [ # 13 ]
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You’re welcome! smile

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