Lee, Hei-Wai; Sharma, Vivek; Cai, Kelly Nianyun - In: Journal of Business Research 64 (2011) 5, pp. 501-507
We compare the long-term stock price and operating performance of firms that are followed by analysts to those that are not over the period of 1994-2005. While analysts are skillful in identifying quality firms for coverage, the market is efficient in pricing both covered and neglected stocks...