- June 2008 evaluation
- December 2007 evaluation
- June 2007 evaluation
- January 2007 evaluation
- EAI Case Study
- June 2006 evaluation
- January 2006 evaluation
- June 2005 evaluation
- Baseline December 2004 evaluation
- Recent research reports
June 2008 evaluation
A steady course in rough seas
Results of the eighth evaluation of extra-financial research
Comparative evaluation of providers (in alphabetical order)
Outstanding :
- Citigroup
- Goldman Sachs
- Société Générale
Commended:
December 2007 evaluation
Beyond the low-hanging fruit
Results of the seventh Evaluation of extra-financial research Highest-ranked institutions in terms of extra-financial research in this period in alphabetical order :
June 2007 evaluation
EAI Becoming the norm?
Results of the sixth Evaluation of extra-financial research Highest-ranked institutions in terms of extrafinancial research in this period in alphabetical order :
January 2007 evaluation
EAI 2nd Anniversary
Highest-ranked institutions in terms of extrafinancial research in this period in alphabetical order :
EAI Case Study
Study of the coverage of extra-financial issues in research on mergers and acquisitions
>> Study of the coverage of extra-financial issues in research on mergers and acquisitions
June 2006 evaluation
Strengthening institutional commitment
From a total of 33 research providers evaluated, the following eight institutions rank highest in terms of providing the best extra-financial research in the period from November 2005 to May 2006. In alphabetical order these are:
January 2006 evaluation
Taking stock
From a total of 31 research providers evaluated, the following eight institutions rank highest in terms of providing the best extra-financial research in the period from May 2005 to December 2005. In alphabetical order these are:
June 2005 evaluation
From a total of 23 research providers evaluated, the following four institutions rank highest in terms of providing the best extra-financial research in the period from November 2004 to April 2005. In alphabetical order these are:
- Bernstein Research
- CM-CIC Securities
- DrKW
- UBS Investment Research
In addition, Deutsche Bank and Goldman Sachs have also been commended based on the results of the evaluation.
Read the summary report of the June 2005 evaluation for more information:
>> Extra-financial research – A time of learning and gearing up
Baseline December 2004 evaluation
This evaluation served as EAI's baseline evaluation and covered research released between January 2003 and November 2004. From a total of 21 research providers evaluated, seven institutions rank highest in terms of providing the best extra-financial research in the covered period. In alphabetical order these are:
- Deutsche Bank
- DrKW
- Goldman Sachs
- HSBC
- Morgan Stanley
- UBS Investment Research
- WestLB
In addition, ABN AMRO, Citigroup and CM-CIC have also been commended based on the results of the evaluation.
Read the summary report of the June 2005 evaluation for more information:
>> Extra-financial research – Business as usual or the dawn of a new era?
The following are indicative examples (in alphabetical order) of recent research reports that have addressed extra-financial issues for specific companies and sectors. Some reports simply discuss the relevant issues while others also provide relative assessments of specific companies. This sample list is, as stated in a previous section, intended neither to be exhaustive nor prescriptive.
| Research provider | Title | Author | Description |
|---|
13D Research | What I learned this week | Sokolof Kiril, et al. | 13D's "What I learned this week"-series includes a thought provoking analysis of key trends and issues in a variety of sectors. The series offers insights and reflections based on scientific journals and research papers. Complemented with simple "back-of-the-envelope" type calculations this kind of research is highly stimulating and gets straight to the point.
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Bernstein | Do All Acquisitions Destroy Shareholder Value? | Zlotnikov Vadim, et al. | Analyses and ranks recent US M&A deals on the basis of a quantitative model to assess their potential for value creation/destruction. To some extent, extra-financial aspects such as CEO overconfidence are included in the analysis.
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IXIS Securities | CO2 quotas: from fiction to reality! | Ourpatian Philippe, et al. | In collaboration with PointCarbon, IXIS assesses the impact on EBIT and operating margin of the introduction of the European CO2 quota system on electricity producers. Different scenarios show the EBIT impact of changing CO2 quota (unfortunately only until 2007). The analysis is integrated in IXIS' stock recommendations in a qualitative way, not leading to major changes.
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Lehman et al. | The Pharmaceutical Sector. A long term value outlook. | Tickell Sophia, et al. | The report presents the outcomes of the PharmaFutures project, in which Lehman sell-side analysts played a pivotal role (it is therefore attributed to Lehman in this EAI evaluation). A series of very comprehensive scenarios, covering all relevant EFIs, are described including long-term implications for the pharma industry. A framework to assess EFI impacts on company-specific value drivers is described, but not applied to a company universe.
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UBS Invest-ment Research | Q-series: Corporate social responsibilities | Hudson Julie, et al. | First theme report of UBS' new SRI team: an interesting framework to identify and assess CSR issues based on a "stakeholder balance sheet" for the use of UBS sector analysts worldwide. UBS' standard EV valuation model is adapted to include CSR. The methodology is applied (in a qualitative way only) to 8 sectors.
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WestLB | Values at risk | Garz Hendrik, et al. | WestLB proposes a methodology to integrate SRI ratings (provided by SiRi group) into stock valuation. Adjustments of Beta on the basis of the SiRi ratings are applied to stock valuation. SRI ratings are provided for 90% of the DJ STOXX 600 universe. Their application, though, remains limited to one sector – the insurance industry.
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