An Analysis of the Recommendations of the “Superstar” Money Managers at Barron's Annual Roundtable
研究1968至1991年巴伦周刊年度圆桌会议中知名基金经理的股票推荐表现，发现推荐日至发布日有1.91%异常收益，但发布后1至3年持有期收益为零，对个人投资者无实际帮助。
ABSTRACT We 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, we 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 14 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 Barron's would not benefit from the advice.