“We lost an analyst and coverage keeps thinning.”
A coverage count is an activity metric. The outcome question is narrower: when a given firm initiates, upgrades, or cuts, what does the stock measurably do. The dataset holds 20+ years of rating actions joined to their market reaction — firm by firm.
Not every initiation moves a stock. The record says which ones do.
Median measured reaction when each firm acts, against the baseline for that action class. Two of these five firms move price beyond the class baseline; two are statistically indistinguishable from it. Losing them is not the same loss.
Illustrative, anonymized. Firm = the firm's median measured reaction on its own actions; Class = the 20-year baseline for that action type. In the readout, firms are named and the sample is your sector and cap band.
The reaction is the start. The drift is the tail.
A rating action that clears the noise threshold tends to keep working — the measured reaction predicts the subsequent drift. One that does not clear it tends to stay flat. That is the peer-reviewed core of the methodology, and it is why firm-level track records are worth measuring at all: the firms whose actions register are the firms whose estimate revisions your stock will trade on later.
Levi (Tel Aviv), Livnat (NYU Stern), Zhang (Rutgers) & Zhang (UC Berkeley Haas), 2016 — “Are extended hours prices predictive of subsequent stock returns?” — peer-reviewed research built on News Quantified data. The study validates the event-reaction methodology: the measured market reaction to a news event predicts the subsequent drift.
Spend scarce IR attention where it measurably lands.
IR time is finite: callbacks, model reviews, management access, non-deal roadshows. Rank the firms that cover you — and the firms that could — by measured track record in your event classes, and put the scarce hours against the top of that list first.
When coverage thins, the board question is not how many firms you lost. It is whether the firms that measurably move your stock are still on the list — and that is a number, not an impression.
Track records are measured from 20+ years of rating actions in the dataset. Firm rankings describe measured history, not future behavior.
Are firms anonymized in the actual readout?
No — only on this page. Your readout names the firms, with each one's measured reaction record in your sector and cap band over 20+ years.
How many rating actions does a firm need before the track record means anything?
The sample size is printed on every row. Thin samples are flagged as thin, not hidden behind a median — a firm with 6 measured actions reads differently from one with 60, and the readout says so.
Can you measure the firm that just dropped coverage?
Yes. Their initiations, upgrades, and downgrades are in the dataset with 20+ years of history, so the departure is quantifiable: what their actions measurably did to stocks like yours, and therefore what losing them costs.