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

Carole Gresse () and Laurtence Porteu de la Morandière ()
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Carole Gresse: Université Paris-Dauphine, DRM
Laurtence Porteu de la Morandière: Groupe ESC Pau - IRMAPE

No 1, Working Papers from Groupe ESC Pau, Research Department

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; analys rankings; reputation; analyst recommendations (search for similar items in EconPapers)
Pages: 28 pages
Date: 2015-01, Revised 2015-01
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http://www.esc-pau.fr/faculte-recherche/documents/wp_irmape_1_2015_lpm.pdf First version, 2015 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pau:wpaper:01

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