Management Resarch

Can anyone give me a brief understanding of what exactly "management research" is?

I keep see positions for it, but am sightly confused to what it applies. My from understanding and own search, it appears to a division of asset management at BBs where you determine/research where to invest, applying the concepts of alpha, beta, R-squared, Sharpe ratio and standard deviation. I'm assuming it is a buy side role, but are there any supporting/sell-side roles that relate to management research?

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