A technical prototype I developed for the Business Data Service has been used as the driving force behind a new and exciting research project post, bringing together partners from outside The University of Manchester Library.
What is the basic premise?
To develop a collection of tools to bring together commercially available databases from separate suppliers for use in leading, innovative research, using specialist knowledge of the field for accurate and efficient execution.
Who are the partners?
- The Library: Business Data Service (especially me, Phil Reed, and Xia Hong) and Head of Research Services (Simon Bains)
- Researchers from Alliance Manchester Business School working the Lord Alliance funded project ‘Institutional Investors, Financial Innovation and the Real Economy’, led by Professor Ser-Huang Poon and her colleagues in the Accounting and Finance Group
- Digital Humanities at Manchester
- Research IT
Why is this new post useful?
After spending money on expensive data sets, we need to make the most out of them. It is critical to use them together in order to unlock their full research value. In the case of some specialist resources, this activity is non-trivial.
Why is joining these datasets difficult?
Identifying companies across different databases is difficult as the codes used within each platform usually do not correspond to those used in another. There are good reasons why a platform will do this (their intellectual property is one), but this makes work harder for researchers, sometimes resorting to checking company name matches by eye, one at a time!
Writing code to map these where cross-checking is available requires the software developer to be aware of the various identification codes used such as CUSIP, ISIN, SEDOL and various ticker symbols, some of which can change with time or be further complicated in other ways. A close relationship to the curators of these databases at the University is required; this is found in the Library’s Business Data Service team whose expertise is well respected and appreciated by its users.
How will it happen?
As part of the project funding application, a new post was created. It sits outside the Library but is dependent on the library staff’s curating skills and knowledge of the library’s specialist financial databases. Under this post I will use my skills as a software developer and experience working in the Library to write new tools to combine access to various datasets within the project, as the products become available and as the researchers need them.
I’ll still be working my usual job in the Library as well, so nothing is lost from the Business Data Service.
Where might it lead?
The primary objective is to publishing new research on topics covering institutional investors, financial innovation and the “real economy”.
Once the research is published, we can develop new teaching topics and further broaden access to the University’s data sets with these tools, introducing them to new audiences in other subject areas.