We investigate the profitability persistence of the investment recommendations from analysts listed in four different star rankings, Institutional Investor magazine, StarMine's “Top Earnings Estimators” and “Top Stock Pickers”, and The Wall Street Journal, and show the predictive power...

In this paper, we examine whether highly reputed sell-side analysts (Stars) account for seasonality in their forecasts. Extensive research has documented that seasonality exists in the stock market, and in their quest to become Stars, analysts may consider seasonality when they issue...

This paper examines a common methodology of analysts' recommendation portfolios for measuring the investment value of sell-side analysts' recommendations. Given that more than 80% of the studied portfolios are concentrated in the three smallest size deciles, we document that the portfolios'...