: Evaluates if analyst ratings provide value beyond what is already publicly provided by company management.
Research highlights that the "meaning" of a rating often depends on how rare it is within an analyst's total portfolio: Rating Type General Interpretation Frequency Context Analyst believes the stock will outperform its sector. Very common; may be "plentiful" and thus less impactful. Hold Stock is worth keeping but not adding more capital to. stock buy sell ratings
: Compares the performance of ratings from buy-side analysts (who work for institutional investors) vs. sell-side analysts (who work for brokerage firms). : Evaluates if analyst ratings provide value beyond