Are Analyst “Top Picks” Informative?
研究了全球和解后分析师使用的“首选”股票标签，发现按此构建的投资组合年化异常收益达17.6%，且机构投资者能识别出更有投资价值的首选股。
Abstract Following the Global Settlement, analysts extensively use a top pick designation allowing for greater granularity of information among buy recommended stocks, but conflicts of interest can potentially influence this designation. Examining a novel sample of top picks, we find that a calendar-time portfolio of top picks generates an abnormal performance of 17.6% per year. Top picks have greater investment value than do buy recommendations and alternative analyst investment strategies. Both institutional and retail investors trade in response to top picks. However, only institutional investors appear to identify top picks that have greater investment value when they are announced.