Baird's Equity Research Ranked No. 1 by Integrity Research and Bespoke Investment Group: Expanded coverage underscores firm's leadership position in small and mid-cap research

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Baird's Equity Research group recently received No. 1 rankings in two separate research reports, reaffirming the firm's leadership position in small and mid-cap research. Integrity Research rated Baird No. 1 in small cap research, and a Bespoke Investment Group (B.I.G.) survey found that Baird analysts' stock recommendations had the most impact on stock prices.

We're pleased to have Baird's research recognized for its quality

    The Integrity report, "2007 Top Picks for Small Cap Research," provides an in-depth analysis of the top 20 small cap research firms. In addition to ranking Baird No. 1 overall, the Integrity report ranked Baird first for most credentialed analysts and among the top five research firms in five of the 10 economic sectors covered in the analysis. The B.I.G. research, which measured the impact of analysts' recommendations on stock prices, found that Baird upgrades impacted stocks the most.

"We're pleased to have Baird's research recognized for its quality," said Baird's Director of Research Robert Venable. "Our goal is to provide the most thorough and value-added research for our clients."

According to Integrity's report, Baird "offers broad small cap coverage with over 250 small cap companies followed, and has a strong following from buy-side investors who praise Baird's financial models and research as among the deepest and best available for the small cap sector."

Baird, an employee-owned, international wealth management, capital markets, private equity and asset management firm, has been repeatedly well-represented on The Wall Street Journal's "Best on the Street" analyst survey rankings over the years. In the survey released earlier this year, based on 2006 performances, Baird was ranked No. 10 overall out of 85 research houses in terms of the total number of awards received . Seven Baird analysts also received 12 awards from StarMine earlier this year, ranking the firm third overall. Such results were based on 2006 data. StarMine is the most recognized firm in the industry for tracking earnings accuracy and stock picking results.

Contrary to many of the larger Wall Street firms who recently have cut coverage, Baird has increased the number of research professionals from 42 to 94 since 2000. This increase has enabled the firm to grow its coverage by an average of 10% a year over the past six years. Baird today covers more than 500 companies.

Adds Venable, "Our growth has been strategic. Baird focuses a lot on covering the middle and small cap market, and we are well-positioned as a leader there."

How Results Were Tallied

Integrity Research identified 223 small cap specialists from its database of 1500 research firms. Small Cap specialists were defined as those covering more than 100 small cap companies or having more than 30% of covered companies with market caps of $2 billion or less. Integrity then interviewed hedge fund and long-only investors to find the best providers with the highest quality research in each of 10 sectors. B.I.G. measured the impact of analysts' recommendations on stock prices by creating a database of historical analyst recommendations going back to 2002, and then attempting to calculate which firms impact stocks most.

About Baird

Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has nearly 2,200 associates serving the needs of individual, corporate, institutional and municipal clients. Baird oversees and manages client assets of nearly $74 billion. Committed to being a great place to work, Baird was recognized as one of the FORTUNE 100 Best Companies to Work For(R) in 2004, 2005, 2006 and 2007. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird's private equity operations. For more information, please visit Baird's Web site at

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