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≈ Timeline ≈ Rules ≈ Research report
preparation ≈ Grading ≈ Final four teams ≈ Local challenge
final
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Research
Report Preparation The teams are tasked with preparing a sell-side coverage initiation report
for a public company’s stock. The report
structure will follow the 10-page template. A reasonable number of appendixes can be
included beyond the initial 10-page limit.
Last year’s four global challenge finalists’ reports, presentation
slides, and the video footage of their ten minute presentations are available
here. Producing a high-quality sell-side report is a demanding exercise. The
teams will receive some feedback and guidance from their industry mentors and
faculty advisors. However, the essence of the work must be their own. The following
two webcasts cover the essentials of equity research. Teams are strongly
encouraged to watch these webcasts before they embark on the research
process:
The one-page sheet (by Henry Dickson) that provides a set of
tips on sell-side reports is another good resource teams can rely on. How do actual sell-side reports prepared by professional analysts look
like? Here is a group of four that gives good range of styles: Tomtom, Axcelis, Oracle, Callisto. These four reports are provided for
informational reasons only. Teams
should closely follow the 10-page template in
their writing. In addition to technical skills, ethics and integrity are essential
ingredients of the equity research profession. Over the duration of the
Challenge, all student teams are expected to adhere to the CFA Institute Code and Standards. Teams are strongly encouraged
to review the ethics slides and
watch the ethics panel webcast to learn about equity research ethics:
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© 2009. CFA Society of Seattle
– Contact: pnirc@pnirc.org