Table 5 The portfolio formation matrix.

From: Outperforming the market: a comparison of Star and NonStar analysts’ investment strategies and recommendations

Recommendations

Long Portfolio

Short Portfolio

Total

1 - Strong Buy

1169

–

1169

2 - Buy

2365

–

2365

3 - Hold

–

2708

2708

4 - Sell

–

256

256

5 - Strong Sell

–

89

89

Total

3534

3053

6587

  1. The “Long” Portfolio comprises only positive recommendations (“Strong Buy” and “Buy”), while the “Short” Portfolio includes negative recommendations plus the neutral “Hold” recommendation.
Back to article page