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CFA Designation, Geographical Location and Analyst Performance

In: Advances In Quantitative Analysis Of Finance And Accounting New Series

Author

Listed:
  • Ping Hsiao

    (Department of Finance, College of Business, San Francisco State University, San Francisco, CA 94132, USA)

  • Wayne Y. Lee

    (Department of Finance, Sam M. Walton College of Business Administration, University of Arkansas, Fayetteville, AR 72701, USA)

Abstract

In this paper we examine the relation between analyst expertise and performance utilizing the stocks recommended by investment professionals featured in the WSJ “Dartboard” column. As documented in prior studies, we find that experts are better informed about a stock's intrinsic value. Moreover, we confirm a direct relationship between investment performance and expertise. Stocks recommended by CFA charterholders and non-CFA charterholders from New York City and California yield statistically significant higher abnormal daily returns.

Suggested Citation

  • Ping Hsiao & Wayne Y. Lee, 2004. "CFA Designation, Geographical Location and Analyst Performance," World Scientific Book Chapters, in: Cheng-Few Lee (ed.), Advances In Quantitative Analysis Of Finance And Accounting New Series, chapter 12, pages 205-218, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812565457_0012
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