SSE/EFI Working Paper Series in Business Administration
How well do financial experts perform? A review of empirical research on performance of analysts, day-traders, forecasters, fund managers, investors, and stockbrokers
Abstract: In this manuscript, empirical research on performance of
various types of financial experts is reviewed. Financial experts are used
as the umbrella term for financial analysts, stockbrokers, money managers,
investors, and day-traders etc. The goal of the review is to find out about
the abilities of financial experts to produce accurate forecasts, to issue
profitable stock recommendations, as well as to make successful investments
and trades. On the whole, the reviewed studies show discouraging tendencies
of the alleged excellence of financial experts.
Keywords: Behavioral finance; Expert judgment; Financial psychology; Forecasting; Investment; Trading; Performance; (follow links to similar papers)
29 pages, August 23, 2004
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