Following the Global Settlement, analysts extensively use a top pick designation allowing for greater granularity of information among buy recommended stocks, but conflicts of interest can potentially influence this designation. Examining a novel sample of top picks, we find that a calendar-time portfolio of top picks generates an abnormal performance of 17.6% per year. Top picks have greater investment value than do buy recommendations and alternative analyst investment strategies. Both institutional and retail investors trade in response to top picks. However, only institutional investors appear to identify top picks that have greater investment value when they are announced.

中文翻译：

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分析师的“首选”信息是否丰富？

全球和解之后，分析师广泛使用首选指定，以便在购买推荐股票之间获得更细粒度的信息，但利益冲突可能会影响这一指定。通过检查新的首选股样本，我们发现日历时间的首选股投资组合每年会产生 17.6% 的异常表现。首选股比买入建议和另类分析师投资策略具有更大的投资价值。机构投资者和散户投资者都会根据首选股进行交易。然而，似乎只有机构投资者才会在宣布时识别出具有更大投资价值的首选股票。