Disclaimer: Program codes and data provided here are "as is" and may require updates and corrections for your purposes. Please use at your own risk.

     Program Codes  (SAS, STATA, Python, JAVA)

  • SAS code to adjust IBES estimates for stock splits using CRSP cumulative split factors: [Download]

    • "Relatively the most reliable and accurate way of joining unadjusted IBES details and actuals is to use CRSP." (IBES, 2006)

    • Notes:

​​I slightly modified the program, unadjust_merge.sas, coded by Robinson and Glushkov (WRDS, 2006)

     Data Files

  • Data on analyst surnames and favorability scores​:​ [Download]

    • Reference: Jung, Kumar, Lim and Yoo (2019)

    • Coverage: U.S. equity analysts who worked between 1996 and 2014

    • Fields: Analyst ID - Surname - Surname Favorability Score

     Notes on the I/B/E/S

  • I/B/E/S - Restructuring of analyst and estimator identifiers in October 2018:

    • "With the onset of the MiFID II..., Thomson Reuters is modifying the display of detailed estimates data in the I/B/E/S Detail History Product Suite... Effective October 18, 2018, the contributor and analyst names ... will be anonymized... Estimates from UBS will be removed from the I/B/E/S Detail History"​ (IBES, 2018)

    • My Observation (as of 08 June 2019): ​​

The names of analysts (ANALYST) are blocked, and both ID/codes of analysts (AMASKCD) and brokerage houses (EMASKCD) are changed. With respect to brokerage codes (EMASKCD), the rule of a change seems obvious. If you add 50000 to its previous EMASKCD, you get its new one: For example, old EMASKCD (406) + 50000 = new EMASKCD (50406)

With respect to analyst codes (AMASKCD), there seems no clear rule. The new codes are randomly generated, making it difficult to reverse-engineer an analyst's new code to locate his old one. But, you can still identify the analyst's old code using supplementary information about his coverage, forecasts and brokerage affiliations (e.g., what firms he covered, when he issued forecasts of a particular type, and so on). Below, I show you one example of identifying analyst R. Davis

Previously, analyst R. Davis had the unique code (AMASKCD) of 00018603. But, in the new IBES Rec file, you will no longer find any observation that either matches this code or shows the analyst's name (now"Permission Denied"). This is because the IBES has applied this ID change to all of the analyst's observations retroactively. Now, analyst R. Davis has a new code of 00591155And this new code works as a unique ID for the analyst.

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