A study of one brokerage house's recommendations to its individual customers during the 1960s suggests that they were genuinely valuable, even after allowing for transactions costs and risk. On the other hand, the recommendations were useful in selection, rather than in market timing: The ratio...

Research has shown that managers display self-serving behavior with regard to a variety of discretionary information production decisions. We test here whether such behavior is also manifest in discretionary information disclosure decisions. Our particular focus is on the common stock return...

This paper shall consider not only the potential for individual investors to exploit one of the major categories of professional investment advice to earn superior portfolio returns, but also will examine the actual return experiences of a representative sample of investors who were, in fact,...