@article {Randall Woolridge23, author = {J. Randall Woolridge}, title = {Performance of Stocks Recommended by Brokerages}, volume = {13}, number = {1}, pages = {23--34}, year = {2004}, doi = {10.3905/joi.2004.391039}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Examination of performance over 1993{\textendash}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.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/13/1/23}, eprint = {https://joi.pm-research.com/content/13/1/23.full.pdf}, journal = {The Journal of Investing} }