Using 1994–2009 data, we find that All-American (AA) analysts' buy and sell portfolio alphas significantly exceed those of non-AAs by up to 7% per annum after risk-adjustments for investors with advance access to analyst recommendations. For investors without such access, top-rank AAs still...

Using 1994-2009 data, we find that All-American (AA) analysts' buy and sell portfolio alphas significantly exceed those of non-AAs by up to 0.6% per month after risk-adjustments for investors with advance access to analyst recommendations. For investors without such access, top-rank AAs still...