An interesting interview in Thursday, September 01, 2005 edition of IntegrityResearch ( http://integrityresearch.blogdrive.com/). I watch this blog for developments in independent research, seeing SRI research being interpreted by some as just that. HOW THE INTERNET HAS CHANGED EQUITY RESEARCH By Steven Irvine, August 30, 2005 has an interview with UBS head of Asian equity research, Nicholas Pink about the impact of the web. Funny how analysts do not want to be "supermarketed" where they are measured according to howe many "hits" they have on a report! I think it should at least be some discipline for all analysts - not necessarily popular vote, but some comment on readibility and timeliness.
From an environment angle it is a good story: at least fewer reports are printed and shipped. The web is delivering as a channel, although I know most of the researchers and analysts I know then print it off on the oither side, so maybe it is just the shipping costs that get saved, yes?! I must find some study like the Aviation study that identifies environmental costs/benefits to web distribution, and yes, failing all, do the math myself!
The greatest challenge is how quickly a report can shift through hands. The challenge is the same for all research shops. How to get paid for the hours and skills in every research report? I am exploring what security for intellectual property can be found, maybe some locking features in Adobe. Otherwise, the non-profit model is the only one for hard research - whether it is sell-side subsidized by i-banking or brokerage, or philanthropies funding the work of SRI researchers like the Rose Foundation or EIRIS or what ISS has done with IRRC. This implies only the largest retailers and distributors have power over allocating research dollars. Already reports suggest only about 3,000 of 10,000 US firms get coverage on a regular basis.
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