This paper examines the portability of star security analysts’ performance. Analysis from a panel data set of research analysts in investment banks over 1988-1996 reveals that star analysts who switch employers show an immediate decline in performance, which persists for at least five years....

Our paper contributes to the studies of the relationship between workers’ human capital and their decision to become self-employed as well as their probability to survive as entrepreneurs. Analysis from a panel dataset of research analysts in investment banks over 1988-1996 reveals that star...

Since 1949 Lehman Brothers has used an investment committee to select the top ten recommendations made by its analysts each year. We examine the performance of this committee’s recommendations and find that on average its selections generated abnormal returns of 2.7% at the recommendation...