Fang, Lily; Yasuda, Ayako - In: Journal of Financial Services Research 46 (2014) 3, pp. 235-269
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...