Is an analyst with prior industry experience more likely to be on target with his earnings forecasts and stand a better chance of being named to Institutional Investor magazine’s All-America Research Team? In a word, yes. At least that was the conclusion of a recently published study which examined the biographical data and earnings estimates of 2,590 analysts over a period of nearly three decades.
A recent study designed to decipher the “black box” of sell-side analyst decision making sheds new light on the driving forces behind two important outputs of their work: earnings estimates and stock recommendations.
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