to determine its effect on earnings. A 1999 paper by Ezra Zuckerman found that, as equity analysts divide securities by discrete sectors, companies which fall outside or across multiple sectors are punished in the ratings of analysts Analysts also specialize in fixed Income. Similar to Equity Analysts, Fixed Income Analysts assess the value and analyze the risks of various securities, here focusing on interest rate- and fixed income securities, particularly bonds. They may further specialize, but here by issuer-type, i.e. municipal bonds, government bonds, and corporate bonds; the latter specialization is often decomposed into convertible bonds, high yield bonds, and distressed bonds; some cover syndicated bank loans. The reporting focuses on the ability of the issuer to make payments - similar to the credit analysis described below - but also on the relative value of the security in question, and in context of the overall market and yield curve. See Fixed income analysis. Analysts are generally divided into 'sell-side' and 'buy-side'. The buy-side is sometimes considered more prestigious, professional, and scholarly, while the sell-side may be higher-paid and more like a sales and marketing role. It is common to begin careers on the sell-side at large banks then move to the buy-side at a fund. A sell-side analyst's work is not used by its employer to invest directly, rather it is sold either for money or for other benefits by the employer to buy-side organisations. Sell-side research is often used as 'soft money' rather than sold directly, for example provided to preferred clients in return for business. Writing reports or notes expressing opinions is always a part of "sell-side" (brokerage) analyst job and is often not required for "buy-side" (investment firms) analysts. It is sometimes used to promote the companies being researched when the sell-side has some other interest in them, as a form of marketing, which can lead to conflicts of interest. A buy-side analyst, such as a fund manager, works for a company which buys and holds stocks itself, on the analyst's recommendation. As they gain experience, analysts often move from buy-side research, concerning individual securities and sectors, into portfolio management itself, selecting the mix of investments for a company's portfolio. They may also become fund managers and manage large investment portfolios for individual investors. Typically, analysts use fundamental analysis principles, but technical analysis and tactical evaluation of the market environment are also routine. Analysts obtain information by