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Are Analyst Top Picks Informative?

delete2023-12-23
delete0
PRE
AI
J
Justin Birru
S
Sinan Gokkaya
X
Xi Liu
R
René M. Stulz *
DOI：10.1093/rfs/hhad099delete
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摘要

摘要

En 中文
Following the Global Settlement, analysts extensively use a top pick designation allowing for greater granularity of information among buy recommended stocks, but conflicts of interest can potentially influence this designation. Examining a novel sample of top picks, we find that a calendar-time portfolio of top picks generates an abnormal performance of 17.6% per year. Top picks have greater investment value than do buy recommendations and alternative analyst investment strategies. Both institutional and retail investors trade in response to top picks. However, only institutional investors appear to identify top picks that have greater investment value when they are announced.
Keyword:
G11
G12
G14
G20
G23
G24

期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

机构

U
University System of Ohio
学者数:
15.5W
论文数: 13.0W
被引数: 200
O
Ohio State University
学者数:
4.1W
论文数: 3.2W
被引数: 80
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