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Primary Article

Performance of Stocks Recommended by Brokerages

J. Randall Woolridge
The Journal of Investing Spring 2004, 13 (1) 23-34; DOI: https://doi.org/10.3905/joi.2004.391039
J. Randall Woolridge
A professor of finance at the Smeal College of Business of The Pennsylvania State University in University Park.
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Abstract

Examination of performance over 1993–2002 indicates that average quarterly and cumulative returns of stocks recommended by brokerage firms are slightly below the returns of the S&P 500. And recommended stock returns are more volatile. Stocks recommended by top-tier brokerage firms perform more poorly than those recommended by mid-tier or regional firms. There is considerable variability across recommendations of individual brokerage firms. The stock recommendations of Merrill Lynch and Raymond James show the best results among top-tier and mid-tier or regional brokerage firms. On a risk-adjusted basis, only stocks recommended by three of the ten brokerage firms with a full ten years of data outperformed the S&P 500.

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The Journal of Investing
Vol. 13, Issue 1
Spring 2004
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Performance of Stocks Recommended by Brokerages
J. Randall Woolridge
The Journal of Investing Feb 2004, 13 (1) 23-34; DOI: 10.3905/joi.2004.391039

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Performance of Stocks Recommended by Brokerages
J. Randall Woolridge
The Journal of Investing Feb 2004, 13 (1) 23-34; DOI: 10.3905/joi.2004.391039
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