Analysts Don’t Catch Alpha but Their Behavior Bias Do!

4 Pages Posted: 10 Nov 2020

See all articles by Remi Dhoyer

Remi Dhoyer

Quantology Capital Management

Date Written: September 21, 2020


This article was not written for discriminating against analysts. If their roles have often been controversial through pessimistic articles, I remain convinced that my fellow analysts have an important role to play in the markets.

Although known by financial players, their contribution is often questioned:

- do they have a real impact on prices? - how to create alpha thanks to their recommendations and target prices? So many questions that have drawn the attention of Quantology to provide a quantitative answer.

Keywords: Analyst, Recommendation, Target Price, Alpha, Portfolio, Asset Management, Bias

Suggested Citation

Dhoyer, Remi, Analysts Don’t Catch Alpha but Their Behavior Bias Do! (September 21, 2020). Available at SSRN: or

Remi Dhoyer (Contact Author)

Quantology Capital Management ( email )

73 rue de Courcelles
PARIS, 75008

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