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Department of Industrial Economics and Management, Royal Institute of Technology INDEK Working Paper Series, Department of Industrial Economics and Management, Royal Institute of Technology

No 2015/11:
Star sell-side analysts listed by Institutional Investor, The Wall Street Journal and StarMine. Whose recommendations are most profitable?

Yury O. Kucheev (), Felipe Ruiz and Tomas Sorensson ()

Abstract: In this study, we compare the profitability of the investment recommendations of analysts listed in four different star rankings: Institutional Investor magazine, StarMine’s “Top Earnings Estimators” and “Top Stock Pickers” and The Wall Street Journal. We document that the highest average monthly abnormal return of holding a long-short portfolio, 1.58 percent, is obtained by following the recommendations of the group of star sell-side analysts rated by The Wall Street Journal during the period from 2003-2013. The results indicate that the choice of analyst ranking is economically important in making investment decisions.

Keywords: Star analysts; Analyst recommendations; StarMine; Institutional Investor; The Wall Street Journal; (follow links to similar papers)

JEL-Codes: G10; G20; (follow links to similar papers)

29 pages, June 3, 2015

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