How and why to investigate both Eikon and Datastream data

Originally Datastream and Eikon where two independent data bases. Now constant integration of datasets makes these highly similar and the goal is to provide a single database experience.

New datasets acquired by Refinitiv might first get integrated to Eikon and then to Datastream. For some data, reach will be identical. For other data, Eikon might provide more alternatives for e.g price variables which, however, would not reach as far back in time compared to Datastream.

In other words Datastream has traditionally been less broad, but more suitable for academic purposes.

The way to handle the situation is to always check both sources of data. In addition, keep in mind that integration is not identical in all countries and might be at a different phase depending on whether one operates Eikon from US or Europe.

Let us now concentrate on how one checks both Datastream and Eikon data.

Initial steps

Go to data room Q301, log into a computer marked with Eikon/Datastream. Double click on the icon.

Aalto finance databases include Eikon and Datastream

In case Eikon does not open properly, close window and try again.

Now open Excel, go to Thomson Reuters leaflet and click sign in.

Aalto university department of finance databases include Datastream and Eikon

Next, click on add ons.

Aalto Finance Databases include Datastream, this is how you start.

You might get this kind of notice:

Aalto University Department of Finance Databases include Datastream

In this case you should first close Excel (and probably other office programs). Then you open Excel again and repeat the “sign in” and “add ons” steps described above. Now you are ready to run.

Accessing Eikon and Datastream

Some marked computers in class room Q301 contain only Eikon, while most contain both Eikon and Datastream.

For a computer containing both there will be two separate Excel headers.

“Thomson Reuters” contains Eikon Excel Plugin and through “Thomson Reuters Datastream” you get access to Datastream data.

The practical example of data on analysts

I will go through the practical example on analysts’ data, because it illustrates why to check both sources and why to also always check both static and time series data.

Now we want to extract time series data on which analysts follow(ed) Nokia and when.


We will start from Datastream. Under “Thomson Reuters Datastream” there are buttons for both static and time series request (marked with blue arrow).

Click “Time series request”. Now a window opens. The basic logic is easy to grasp. Into “Series/List” you input the desired instruments for which you want the data (green arrow). In this case we want data from one stock only, but most often one would start by using reference cells in Excel.

The second input is to describe what kind of data you want to extract from your chosen stock/stocks/variables. By clicking datatypes, a new window opens and now you see what kind of data is available (yellow arrow).

There is a vast number of available datatypes. One can also search and filter datatypes e.g. setting source to I/B/E/S.

This way I am able to find plenty of analyst data, but not data on who the analysts are.

Thus, we next turn to Eikon.

Eikon plugin

Under the “Thomson Reuters” header there are two most relevant buttons.

“Screener” allows you to build a list of securities for which you want to retrieve data. For example, you can filter stocks to include only those traded in Finland.

The “build formula”-button allows you to select what kind of data you want to retrieve for your selection of stocks.

This is the view from “formula builder” with tab “time series” selected. Thus, at first it seems that Eikon does not contain time series information about analysts following Nokia.

However, under “real time / fundamental” data one can see that the database does contain information about analyst start and end date.

At first, one could imagine that the problem is solved by simply selecting interesting data items. Unfortunately, in this case Excel will produce a single list of entries that is as such of little use.

Here is one way to solve this problem.

  1. Retrieve analyst codes including expired ones.

What you get is a list of analysts who analyze or have analyzed the selected company.

  1. Go again to formula builder. Now you pick start date, go to “Parameters & Quick Functions” and select “Reference a cell”.

Naturally, you refer to the first cell with analyst code (in this case D5). Before clicking “insert”, go to “Layout”. In “Layout”-window remove title by dragging and change destination cell to be the next one from you reference cell (in this case reference is D5 and destination should be E5). After this click “ok” and “insert”.

In case you get number as output, then change type of cell to date.

  1. Once you select the data containing cell, you notice that this has an excel-formula containing commands from Refinitiv.

You want to copy this formula to the entire column, but first you need to remove the dollar sign from the reference cell (marked here with red color). Modify this:

=TR(“NOKIA.HE”;”TR.AnalystCreateDate(ExclExpired=FALSE AnalystCode=#1)”;;E5;$D$5)

To this:

=TR(“NOKIA.HE”;”TR.AnalystCreateDate(ExclExpired=FALSE AnalystCode=#1)”;;E5;$D5)

With this change the reference cell will adjust appropriately.

4) As a final step, repeat the procedure for “Analyst end date”, “first name” and “last name” and ensure your error free work by giving a thought about whether your table makes sense.

In this case, it makes sense that Mikael Rautanen started analyzing Nokia in 2010 and has no end date, because he is still active.