The problem
Working with I/B/E/S data across different vintages can be tricky. Identifier changes, data updates, and formatting inconsistencies create landmines for researchers. This tutorial provides a practical guide to navigating these challenges.
Key steps
- Download the Stata codes and linking table from the link above
- Understand the structure of I/B/E/S detail history files
- Use the provided linking table to match broker IDs across files
- Apply the reverse engineering codes for missing analyst IDs
- Validate your matches using the diagnostic checks in the code
Common pitfalls
Pitfall 1: Assuming analyst IDs are consistent across time. They are not always. Use our codes to identify and handle inconsistencies.
Pitfall 2: Ignoring the difference between ESTIMATOR (detail history) and ESTIMID (recommendation history) broker IDs. Our linking table maps between these.
Pitfall 3: Not checking for duplicate forecasts after merging. Always deduplicate carefully.
Resources
For the full methodology and validation, see our paper: Good-bye I/B/E/S (or not?)
We update this analysis annually. Check the paper page for the latest updates.
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