Abstract

http://ssrn.com/abstract=1850672
 
 

References (6)



 


 



Do Analyst Experience, Location and Gender Affect the Performance of Broker Recommendations in Europe?


Campbell R. Harvey


Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Khalil Mohammed


AHL Man Systematic Strategies

Sandy Rattray


AHL / Man Systematic Strategies

May 23, 2011


Abstract:     
We examine how broker characteristics impact the performance of their recommendations in Europe. In contrast to extant research, we focus on a non-U.S. sample that post-dates the important regulatory changes of 2003-2004. Our research has three intriguing findings. First, we show that more experienced analysts produce better long recommendations than less experienced analysts. However, the more junior analysts outperform on short recommendations. Second, we find the global analysts outperform local analysts on local stock buy recommendation. However, local analysts have the edge in sell recommendations. Finally, in contrast to recent research, we find no statistical difference between the performance of male and female analysts.

Number of Pages in PDF File: 11

Keywords: Analyst recommendations, female analysts, experienced analysts, junior analysts, local analysts, global analysts, local brokers, global brokers, experienced brokers

JEL Classification: G14, G15, M41

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Date posted: May 24, 2011  

Suggested Citation

Harvey, Campbell R. and Mohammed, Khalil and Rattray, Sandy, Do Analyst Experience, Location and Gender Affect the Performance of Broker Recommendations in Europe? (May 23, 2011). Available at SSRN: http://ssrn.com/abstract=1850672 or http://dx.doi.org/10.2139/ssrn.1850672

Contact Information

Campbell R. Harvey (Contact Author)
Duke University - Fuqua School of Business ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)
919-660-8030 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Khalil Mohammed
AHL Man Systematic Strategies ( email )
Riverbank House
2 Swan Lane
London, EC4R 3AD
United Kingdom
+44 207 144 1291 (Phone)
Sandy Rattray
AHL / Man Systematic Strategies ( email )
Riverbank House
2 Swan Lane
London, EC4R 3AD
United Kingdom
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