Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous

Carole Gresse and Laurence Porteu de la Morandière
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Carole Gresse: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: Using Institutional Investors (I/I) and Extel rankings and I/B/E/S data for European analysts over 15 years, we show that European analyst rankings are determined more by popularity than by intrinsic skills, the first determinant of recognition being employer size. Becoming an I/I star is like joining a club: talent for issuing high-quality recommendations is required to be initially ranked but is irrelevant to being re-elected or reaching the top level. Our findings also underline the importance of analyst rankings' design features. These features could probably be improved by reducing the impact of recognition in the election process.

Keywords: Analyst forecasts; analyst rankings; reputation; analyst recommendations (search for similar items in EconPapers)
Date: 2016-06
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Published in 2016 FMA European conference (Financial Management Association), Jun 2016, Helsinki, Finland

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Working Paper: Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01824746

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