We apply state-of-the-art Bayesian machine learning to test whether we can extract valuable information from analysts' recommendations of stock performance. We use a probabilistic model for independent Bayesian classifier combination that has been successfully applied in both the physical and...

We examine how broker characteristics impact the performance of their recommendations in Europe. In contrast to extant research, we focus on a non-U.S. sample that post-dates the important regulatory changes of 2003-2004. Our research has three intriguing findings. First, we show that more...

The World's best equity analysts are based in Asia – these analysts are better at forecasting stock prices than their peers in the US, Europe and the UK. In comparison with the other regions, the performance of buy recommendations made by Asia analysts is superior and consistent over time. The...

Using a sample that post-dates important regulatory changes in Europe, we show that a buy recommendation from an analyst on a “consensus sell” stock is, on average, sufficient to cause the stock to start to rise in value. Similarly, a sell recommendation on a “consensus buy” stock can...

In March 2021, Campbell Harvey spoke with members of the Journal of Investment Consulting editorial advisory board about quantitative investment strategies. Taking part in the discussion were Inna Okounkova, Columbia University and editor-in-chief of the Journal; Mark J. P. Anson, The Commonfund;...