©2015 Bloomberg News NZT9XL6KLVR9 (Bloomberg) — As 2015 draws to a close, Illinois marks half a year without a budget. No spending plan has driven up borrowing costs, sunk its credit rating, and perhaps worst of all, exacerbated the state’s biggest problem: its underfunded pensions. Home to the least-funded state

Equity research is a powerful tool for investors. Investment firms employ analysts to perform in-depth research and analysis on companies, producing reports that explain current trends and projected performance. While smaller firms may only staff a couple of analysts to target specific industries, large firms can have thousands of analysts covering a wide range of companies and industries. These analysts are usually academics, former executives, or people with a long history in their industry. In the following sections, learn about the role equity research plays in guiding investment decisions.