Les classements des analystes financiers européens sont-ils informatifs pour les investisseurs ?

Laurence Porteu de la Morandière

in Economics Thesis from University Paris Dauphine from Paris Dauphine University

Abstract: Is the investor able to identify the highest performing analysts on the basis of results of annual sell-side analysts ranking surveys? The thesis aims to examine this question using two empirical studies. The first addresses the factors that explain the choice of an analyst within a ranking. This includes an assessment of an analyst’s performance against his/her forecasts and recommendations in relation to other analysts in the sector, the size of the relevant financial intermediary, and the analyst’s experience in the sector. The second component of the study explores the predictive characteristics of the ranking of the analyst regarding the performance of his/her recommendations during the year following his/her ranking. The performance of different portfolios containing stocks recommended by ranked and non-ranked analysts is compared. The two empirical studies reveal almost no relationship between the ranking of the analyst and his/her quantitative performance. The results raise a specific question pertaining to the impact of the affiliation of the analyst and the achievement of his/her ranking. In addition, the findings call for a reconsideration of the use of the ranking of analysts as a proxy for their reputation, as expounded in the English-speaking literature.

Keywords: Institutions financières; Professionnalisme; Conseillers en investissements financiers (search for similar items in EconPapers)
JEL-codes: G24 G29 G31 (search for similar items in EconPapers)
Date: 2012 Written 2012
Note: dissertation
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