Les classements des analystes financiers européens sont-ils informatifs pour les investisseurs ?
Is the investor able to identify the highest performing analysts on the basis of results of annual sell-side analysts ranking surveys? The thesis aims to examine this question using two empirical studies. The first addresses the factors that explain the choice of an analyst within a ranking. This includes an assessment of an analyst’s performance against his/her forecasts and recommendations in relation to other analysts in the sector, the size of the relevant financial intermediary, and the analyst’s experience in the sector. The second component of the study explores the predictive characteristics of the ranking of the analyst regarding the performance of his/her recommendations during the year following his/her ranking. The performance of different portfolios containing stocks recommended by ranked and non-ranked analysts is compared. The two empirical studies reveal almost no relationship between the ranking of the analyst and his/her quantitative performance. The results raise a specific question pertaining to the impact of the affiliation of the analyst and the achievement of his/her ranking. In addition, the findings call for a reconsideration of the use of the ranking of analysts as a proxy for their reputation, as expounded in the English-speaking literature.
|This book is provided by Paris Dauphine University in its series Economics Thesis from University Paris Dauphine with number 123456789/9727 and published in 2012.|
|Contact details of provider:|| Web page: http://www.dauphine.fr/en/welcome.html|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hongping Tan & Shiheng Wang & Michael Welker, 2011. "Analyst Following and Forecast Accuracy After Mandated IFRS Adoptions," Journal of Accounting Research, Wiley Blackwell, vol. 49(5), pages 1307-1357, December.
- Stickel, Scott E, 1992. " Reputation and Performance among Security Analysts," Journal of Finance, American Finance Association, vol. 47(5), pages 1811-36, December.
- Sorescu, Sorin & Subrahmanyam, Avanidhar, 2006.
"The Cross Section of Analyst Recommendations,"
Journal of Financial and Quantitative Analysis,
Cambridge University Press, vol. 41(01), pages 139-168, March.
- Sorescu, Sorin & Subrahmanyam, Avanidhar, 2004. "The Cross-Section of Analyst Recommendations," University of California at Los Angeles, Anderson Graduate School of Management qt76x8k0cc, Anderson Graduate School of Management, UCLA.
- Welch, Ivo, 2000. "Herding among security analysts," Journal of Financial Economics, Elsevier, vol. 58(3), pages 369-396, December.
- Womack, Kent L, 1996. " Do Brokerage Analysts' Recommendations Have Investment Value?," Journal of Finance, American Finance Association, vol. 51(1), pages 137-67, March.
When requesting a correction, please mention this item's handle: RePEc:dau:thesis:123456789/9727. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alexandre Faure)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.