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，发现推荐在发布前有短期超额收益，但长期持有收益为零，对个人投资者无实际帮助。
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% 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 post-publication day holding periods. Thus, an individual investing according to the Roundtable recommendations published in Barron's would not benefit from the advice.