Bold Recommendation, Analyst Coverage, and Stock Return
研究发现，对于分析师覆盖度低的公司，基于大胆推荐的交易比基于跟风推荐的交易更赚钱，部分分析师会策略性地使盈利预测有偏差以让推荐更有利可图。
If all analysts have access to the same public information, why would some analysts deviate from the “herd” and issue “bold” recommendations? Is boldness in recommendation a signal of overconfidence or higher ability? We find that it is more profitable to trade based on bold recommendations for firms with low analyst coverage, compared with firms with medium and high coverage. Herding recommendations are less profitable than bold recommendations for firms with low analyst coverage. It appears that some analysts strategically bias their earnings forecast (resulting in less accuracy) so that their recommendations are more profitable.