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- Publisher
- Emerald Publishing
- Copyright
- Copyright © 2000 MCB UP Ltd. All rights reserved.
- ISSN
- 0307-4358
- DOI
- 10.1108/03074350010766738
- Publisher site
- See Article on Publisher Site
Abstract
Briefly reviews previous research on the value of investment advisors’ recommendations and presents a study comparing portfolio returns from analysts’ recommendations in the Wall Street Journal’s “Dartboard” contest 1990‐1996, four randomly selected shares and the Dow Jones Industrial Average. Finds the analysts’ portfolio has the highest average returns and standard deviation; and that although some individual analysts have excellent scores in the contest, this is inversely related to the number of times they participate. Suggests that they do not significantly outperform other portfolios, but that contest winners’ tips have significant effects on the market, especially for non‐listed shares. Assesses the implications of the results for the efficient market hypothesis and the share prices of firms with higher asymmetric information.
Journal
Managerial Finance – Emerald Publishing
Published: Jun 1, 2000
Keywords: Accounting research; Financial investment; Financial analysts; Share prices; USA