Barber, Brad; Lehavy, Reuven; Trueman, Brett; … - Graduate School of Business, Stanford University - 2001
After a string of years in which security analysts' top stock picks significantly outperformed their plans, the year 2000 was a disaster. During that year the stocks least favorably recommended by analysts earned an annualized market-adjusted return of 48.66 percent while the stocks most highly...