Abstract

http://ssrn.com/abstract=2337161
 


 



Where Are the World's Best Analysts?


Campbell R. Harvey


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

Sam Radnor


AHL Man Systematic Strategies

Khalil Mohammed


AHL Man Systematic Strategies

William Ferreira


AHL Man Systematic Strategies

November 25, 2013


Abstract:     
The World’s best equity analysts are based in Asia – these analysts are better at forecasting stock prices than their peers in the US, Europe and the UK. In comparison with the other regions, the performance of buy recommendations made by Asia analysts is superior and consistent over time. The average outperformance of buy recommendations over the medium term is over 4%. Consistent with our other research, buy recommendations outperform sells, but in contrast to Europe, sell recommendations are profitable in Japan. Within the Asia ex-Japan region, we find no significant difference in performance between emerging and developed markets.

Number of Pages in PDF File: 10

Keywords: Analyst forecasts, analyst recommendations, earnings forecasts, Japanese analysts, Asian analysts, sell recommendations, buy recommendations, IBES recommendations

JEL Classification: M41, G14, G24, M40

working papers series


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Date posted: October 8, 2013 ; Last revised: November 29, 2013

Suggested Citation

Harvey, Campbell R. and Radnor, Sam and Mohammed, Khalil and Ferreira, William, Where Are the World's Best Analysts? (November 25, 2013). Available at SSRN: http://ssrn.com/abstract=2337161 or http://dx.doi.org/10.2139/ssrn.2337161

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
Sam Radnor
AHL Man Systematic Strategies ( email )
Riverbank House
2 Swan Lane
London, EC4R 3AD
United Kingdom
Khalil Mohammed
AHL Man Systematic Strategies ( email )
Riverbank House
2 Swan Lane
London, EC4R 3AD
United Kingdom
+44 207 144 1291 (Phone)
William Ferreira
AHL Man Systematic Strategies ( email )
Riverbank House
2 Swan Lane
London, EC4R 3AD
Great Britain
+442071441284 (Phone)
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