Recent studies suggest that analyst ratings have become less biased following the Global Settlement and NASD and NYSE Rules implemented in 2002. Assuming analyst ratings are more reliable due to the decline in positive bias, we investigate the existence of excess returns for various holding...

Recent studies suggest that analyst ratings have become less biased following the Global Settlement and National Association of Securities Dealers (NASD) and New York Stock Exchange (NYSE) Rules implemented in 2002. Assuming analyst ratings are more reliable due to the decline in positive bias,...