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.
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- Stickel, Scott E, 1992. " Reputation and Performance among Security Analysts," Journal of Finance, American Finance Association, vol. 47(5), pages 1811-1836, December.
- 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.
- 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 137-167, March.
- 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.
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