What are the equity pricing impacts of star analyst ratings

SANCHEZ's picture
Rank: Orangutan | 344

I am interested in any insight as to the effect of equity pricing of star analyst ratings. Generally Equity Research Analysts tend to be trend followers; however, if a firm like Goldman Sachs or Sanford Bernstein issues a "conviction buy" (i.e. highest buy rating or lowest sell rating) does that have any significant measurable effect on pricing? Is there any academic research on star analysts vs less regarded analysts?

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Jun 14, 2012
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