CFA Designation, Geographical Location and Analyst Performance

Ping Hsiao and Wayne Y. Lee
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Ping Hsiao: Department of Finance, College of Business, San Francisco State University, San Francisco, CA 94132, USA
Wayne Y. Lee: Department of Finance, Sam M. Walton College of Business Administration, University of Arkansas, Fayetteville, AR 72701, USA

Chapter 12 in Advances in Quantitative Analysis of Finance and Accounting:New Series, 2005, pp 205-218 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractIn this paper we examine the relation between analyst expertise and performance utilizing the stocks recommended by investment professionals featured in the WSJ “Dartboard” column. As documented in prior studies, we find that experts are better informed about a stock's intrinsic value. Moreover, we confirm a direct relationship between investment performance and expertise. Stocks recommended by CFA charterholders and non-CFA charterholders from New York City and California yield statistically significant higher abnormal daily returns.

Keywords: Derivatives Pricing; Path Analysis; Spillover; Effective Interest Rate; Higher Moments; NASDAQ; Covered Call Investing; Index Securities; Hedging; Asset Pricing; CFA Designation (search for similar items in EconPapers)
Date: 2005
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