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An Analysis of the Recommendations of the "Superstar" Money Managers at Barron's Annual Roundtable


  • Desai, Hemang
  • Jain, Prem C


The authors examine the performance of common stock recommendations made by prominent money managers at Barron's Annual Roundtable from 1968 to 1991. To avoid survivorship bias, they examine the performance of recommendations by all the participants. The buy recommendations earn significant abnormal returns of 1.91 percent from the recommendation day to the publication day, a period of about fourteen days. However, the abnormal returns are essentially zero for one to three year postpublication day holding periods. Thus, an individual investing according to the Roundtable recommendations published in in Barron's would not benefit from the advice. Copyright 1995 by American Finance Association.

Suggested Citation

  • Desai, Hemang & Jain, Prem C, 1995. " An Analysis of the Recommendations of the "Superstar" Money Managers at Barron's Annual Roundtable," Journal of Finance, American Finance Association, vol. 50(4), pages 1257-1273, September.
  • Handle: RePEc:bla:jfinan:v:50:y:1995:i:4:p:1257-73

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    References listed on IDEAS

    1. Lyons, Richard K., 1995. "Tests of microstructural hypotheses in the foreign exchange market," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 321-351.
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    Cited by:

    1. Hackethal, Andreas & Haliassos, Michael & Jappelli, Tullio, 2012. "Financial advisors: A case of babysitters?," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 509-524.
    2. Jonathan Reuter & Eric Zitzewitz, 2006. "Do Ads Influence Editors? Advertising and Bias in the Financial Media," The Quarterly Journal of Economics, Oxford University Press, vol. 121(1), pages 197-227.
    3. Michael Cooper & Huseyin Gulen, 2006. "Is Time-Series-Based Predictability Evident in Real Time?," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1263-1292, May.
    4. Jonathan E. Alevy & Michael K. Price, 2017. "Advice in the marketplace: a laboratory study," Experimental Economics, Springer;Economic Science Association, vol. 20(1), pages 156-180, March.

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