A flare up occurred in December about the integrity of Thomson’s IBIS database of analyst recommendations.

Some researchers got a feed covering analyst recommendations from 1993 to 2002 in 2002 and then got the same feed again in 2004 (i.e., covering the same 1993-2002 period). They discovered that almost 10% of the records had been changed in non random ways (i.e., analyst’s names were taken off of many bad calls).

You can find the paper at


And various discussions here

Thomson’s response to date, was that the researchers received an incomplete feed and that the data was never changed. Unfortunately, since this is a private, expensive database, the number of people who have access who could see whether they too received “incomplete” feeds is small. So I don’t know whether this will ever get resolved. But it does put in quesetion for me, the validity of any research that is based on the IBIS analyst data.