Reputation and Performance among Security Analysts

Scott E Stickel

Journal of Finance, 1992, vol. 47, issue 5, 1811-36

Abstract: Members of the Institutional Investor All-American Research Team supply more accurate earnings forecasts than other analysts when forecasts are matched.by the corporation followed and by the date of brokerage house issuance. This contemporaneous advantage is complemented by a timing advantage; All-Americans supply forecasts more often than other analysts. Stocks returns immediately following large upward forecast revisions suggest that All-Americans impact prices more than other analysts. However, there is virtually no difference in returns following large downward revisions. Nevertheless, the collective results suggest a positive relation between reputation and performance, and assuming that All-Americans are better paid, pay and performance. Copyright 1992 by American Finance Association.

Date: 1992
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