Assignment of Prakash Chaudhury
PGDIM-15, NITIE
2008-2010
Material to be posted.
AIMR FORMAT
Assocation of Investment Management and Research (now CFA institute) gave the following format some time back for providing industry analysis.
•Industry Classification
–Life cycle position
–Business cycle
•External Factors
–Technology
–Government
–Social
–Demographic
–Foreign
•Demand Analysis
–End users
–Real and Nominal Growth
–Trends and Cyclical variation around trends
•Supply Analysis
–Degree of Concentration
–Ease of entry
–Industry capacity
•Profitability
–Supply/Demand Analysis
–Cost Factors
–Pricing
•International competition and markets
I ask my students to follow the format and prepare the analysis for the following industries as a part of their Investment Analysis or Security Analysis Course.
I presented a conference paper and published a journal article on the theme independent equity research from business schools. In that paper I argued that business schools can publish the equity research reports being prepared by their students on their web sites. No doubt disclaimer is there that it is a learning exercise only and not a professional output. The benefit of such academic institute reports will be that they will be more close to rigorous text book methods than the opportunistic reports from sellside companies.
I plan to publish the reports of my students on knol demonstrating my commitment to the suggestion that I have made.
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