Richard H. Willis

TL;DR: The authors investigate whether sell-side security analysts generate more accurate quarterly earnings forecasts and more profitable stock recommendations as their experience following a specific firm increases, measuring firmspecific experience as the number of prior quarters for which the analyst has issued an earnings forecast for the firm.

TL;DR: In this article, the authors investigate if earnings forecast accuracy matters to security analysts by examining its association with analyst turnover and find that an analyst is more likely to turn over if his forecast accuracy is lower than his peers.

TL;DR: In this paper, the authors investigate whether security analysts exhibit persistence in their stock picking ability and find that analysts whose recommendation revisions earned the most (least) excess returns in the past continue to outperform (underperform) in the future.

TL;DR: In this paper, the authors examine who trades on security analyst stock recommendations by extending prior research to focus on investor-specific responses to revisions and find that both large and small traders react to analyst reports; however, large investors appear to trade more than small traders in response to the information conveyed by the analyst's recommendation and earnings forecast revision.

TL;DR: In this article, the authors examine who trades on security analyst stock recommendations by extending prior research to focus on investor-specific responses to revisions and find that both large and small traders react to analyst reports; however, large investors appear to trade more than small traders in response to the information conveyed by the analyst's recommendation and earnings forecast revision.