Access the full text.
Sign up today, get DeepDyve free for 14 days.
(1973)
Employee Benefit Fund Investment Performance: 1963–1972Journal of Finance
R. Levy (1974)
How to measure research performance, 1
Dana. Thomas (October 23, 1973)
Rating Money ManagersHarvard Business Review
J. Tobin (1958)
Liquidity Preference as Behavior towards RiskThe Review of Economic Studies, 25
Allen. Silver (Summer 1975)
Beta: Up, Down, and SidewaysReview of Economic Studies
R. Levy (1974)
Beta Coefficients as Predictors of ReturnFinancial Analysts Journal, 30
Robert A. Levy (NovemberDecember 1971)
On Short‐Term Stationary of Beta CoefficientsJournal of Finance
Dennis E. Logue, Donald L. Tuttle (1973)
Brokerage House Investment AdviceTrusts and Estates
M. Jensen (1967)
The Performance of Mutual Funds in the Period 1945-1964Harvard Business School: Negotiation
R.E. Diefenbach (JanuaryFebruary 1972)
How Good is Institutional ResearchFinancial Analysts Journal
D. Logue, Donald Tuttle (1973)
Brokerage House Investment AdviceThe Financial Review, 8
(JulyAugust 1974)
Can Investment Research Be QuantifiedAn Editorial Viewpoint of the Financial Analysts Journal
M. Jensen (1972)
Capital Markets: Theory and EvidenceHarvard Business School: Negotiation
Jack L. Treynor (JanuaryFebruary, 1965)
How to Rate Management of Investment FundsDuns Review
Michael C. Jensen (March 1968)
The Performance of Mutual Funds in the Period 1945–1964Journal of Business
Michael C. Jensen (April 1969)
Risk, the Pricing of Capital Assets, and the Evaluation of Investment PortfoliosBell Journal of Economics and Management Science
William F. Sharpe (1963)
A Simplified Model for Portfolio AnalysisJournal of Portfolio Management, 9
William F. Sharpe (January 1966)
Mutual Fund PerformanceBarrons, 39
Michael C. Jensen (Autumn 1972)
Capital Markets: Theory and EvidenceFinancial Analysts Journal, 2
W. Sharpe (1963)
A Simplified Model for Portfolio AnalysisManagement Science, 9
Allen Silver (1975)
Beta: Up, Down, and SidewaysThe Journal of Portfolio Management, 1
(September 1975)
What Good are Financial Advisors
Jack L. Treynor, Kay K. Mazuy (JulyAugust, 1966)
Can Mutual Funds Outguess the Market
R. GoodWalter (1975)
Interpreting Analysts’ RecommendationsFinancial Analysts Journal, 31
Walter R. Good (MayJune 1975)
Interpreting Analyst's RecommendationsJournal of Finance
(1968)
Measuring the Investment Performance of Pension FundsManagement Science
John Evans, S. Archer (1968)
DIVERSIFICATION AND THE REDUCTION OF DISPERSION: AN EMPIRICAL ANALYSISJournal of Finance, 23
James C. Ma, Joseph S. Black (October 1975)
Investors' Services: How Trust Institutions Use and Evaluate Outside ResearchJournal of Finance
J. Lintner (1965)
SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATIONJournal of Finance, 20
R. Levy (1971)
On the Short-Term Stationarity of Beta CoefficientsFinancial Analysts Journal, 27
M. Jensen (1969)
Risk, the Pricing of Capital Assets, and the Evaluation of Investment PortfoliosHarvard Business School: Negotiation
R. Diefenbach (1972)
How Good is Institutional Brokerage ResearchFinancial Analysts Journal, 28
Ronald. Nevans (July 16, 1975)
The Market‐Opinion Letters: How Good Are TheyJournal of Business
M. Blume (1971)
ON THE ASSESSMENT OF RISKJournal of Finance, 26
Robert A. Levy (JanuaryFebruary 1974)
Beta Coefficients As Predictors of ReturnJournal of Portfolio Management
James. Tobin (February 1958)
Liquidity Preference as Behavior Towards RiskHarvard Business Review
Harry M. Markowitz (March 1952)
Portfolio SelectionTrusts and Estates, 12
Randolph McCandlish (November 1974)
What Price Investment ResearchFinancial World
The Financial Review Although the work of Logue and Tuttle successfully demonstrated that, on average, brokersâ recommendations were inferior to random selections, their technique of assigning all recommendations of a brokerage firm to a single portfolio can be misleading. A performance analysis of the recommendations of a brokerage firm, or any other source of investment information, cannot be made in the same manner as the analysis of portfolios of pension funds, mutual funds, and other institutional investors. Institutional portfolios are intentionally designed to satisfy a specific investment objective of a single owner, or a homogeneous class of owners. Recommendations of sources of investment information, on the other hand, are intended for a heterogeneous class of investors with a wide range of investment objectives. Assigning all brokerâs recommendations to a single hypothetical portfolio (as practiced by Logue and Tuttle) implicitly assumes that an investor would buy all of the recommendations available to him. Certainly, an income-oriented investor would not accept highly speculative recommendations, while an investor who is willing to accept great risks in hope of high returns would reject a portfolio of income stocks. Since it is possible for an information source to offer superior advice concerning one
The Financial Review – Wiley
Published: May 1, 1977
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.