Do Security Analysts Exhibit Persistent Differences in Stock Picking Ability

By Michael B. Mikhail, Beverly R. Walther, R. H. Willis. 2004

268 citations recorded by the source corpus.

Subfields: Accounting, Finance, Safety Research

View Paper: https://www.semanticscholar.org/paper/eca69d85812319b73036d7011c067ad2a7dd29b4

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Citations in the corpus

Biased Forecasts or Biased Earnings? The Role of Reported Earnings in Explaining Apparent Bias and Over/Underreaction in Analysts' Earnings Forecasts (2003, result): “4 Other recent studies find mixed results on the usefulness of stock recommendations (Womack 1996; Barber et al. 2001, 2003; Mikhail et al. 2004; Li 2005; Gleason et al. 2007).”
Stock Returns after Major Price Shocks: The Impact of Information (2012, methodology): “9See Stickel (1995), Womack (1996), Michaely and Womack (1999), Barber, Lehavy, McNichols, and Trueman (2001), Jegadeesh, Kim, Krische, and Lee (2004), and Mikhail, Walther, and Willis (2004).”
When Security Analysts Talk, Who Listens? (2007, methodology): “Similarly, Mikhail, Walther, and Willis (2004) document that abnormal returns surrounding the release of recommendation revisions are positively associated with the profitability of an analyst's previous recommendations.”
Do Analysts Practice What They Preach and Should Investors Listen? Effects of Recent Regulations (2009, unknown): “4 Other recent studies find mixed results on the usefulness of stock recommendations (Womack 1996; Barber et al. 2001, 2003; Mikhail et al. 2004; Li 2005; Gleason et al. 2007).”
Target price accuracy:international evidence (2013, background): “As the accuracy of stock recommendations is difficult to quantify, the research on stock recommendations is centered on their investment value (Womack 1996; Mikhail et al. 2004), and their relation to EPS accuracy (Loh and Mian 2006).”
Do sell-side analysts exhibit differential target price forecasting ability? (2012, unknown): “While some research on recommendations suggests analysts have persistent stock picking abilities (e.g., Mikhail et al. 2004), other research finds experts have limited persistent abilities to identify mispricing or forecast macroeconomic variables.6 We provide complementary evidence suggesting…”
The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, unknown): “Mikhail, Walther, and Willis (2004) Archival, Zacks, 1985-1999.”