id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fsr-3787	Walker, M. Mark; Hatfield , Gay B.	Professional Stock Analysts’ Recommendations: Implications for Individual Investors	1996	17	.pdf	application/pdf	8273	418	60	Our findings also support the results in Barber and Loeffler (1993), who examined the recommendations in the monthly “Dartboard” column in the Wall Street JoumaZ. They found that analyst buy recommendations resulted in a MCPE of 3.53% on the publi- cation date (t = 12.19). Using a wide variety of techniques, wefind that although there is some evi- dence that analysts do have the ability to identify undervalued and overvalued securities, individual investors generally experience inferior portfolio performance by following analyst recommendations published in the ‘Market Highlights” section of USA Today (even before transaction costs are inch&d).	cache/fsr-3787.pdf	txt/fsr-3787.txt