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- Title
Stock Analysts Efficiency in a Tournament Structure: The Impact of Analysts Picking a Winner and a Loser.
- Authors
Rotthoff, Kurt W.
- Abstract
A financial analyst who can give accurate return predictions is highly valued. This study uses a unique data set comparing CNBC's Fast Money's 'March Madness' stock picks as a proxy for analysts' stock return predictions. With this data, set up as a tournament, the analysts pick both a winner and a loser. With the tournament structure, I find that these analysts have no superior ability to pick the winning stock in terms of frequency. However, I do find that taking a long/short portfolio of their picks yields an abnormal return.
- Subjects
ECONOMIC efficiency; ECONOMIC structure; STOCK prices; ECONOMIC impact analysis; ECONOMIC forecasting; INVESTMENTS
- Publication
Journal of Applied Financial Research, 2013, Vol 2, p125
- ISSN
2381-3105
- Publication type
Article