When the going gets tough, it is not just investors who are confused about which firm to back — uncertainty affects analysts, who investors depend on more during downturns, as well. This ends up making analyst output jagged and screechy. Roger K Loh and René M Stulz studied analyst reports between 1983 and 2011 and found that analysts tend to churn out divergent views during a crisis. However, despite the divergence, these views tend to have a much more influential effect on stock prices.
Title: Is Sell-Side Research More Valuable in Bad Times?
Source: The National Bureau of Economic Research
1 June 2026
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