NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Are Analyst Trade Ideas Valuable?

Justin Birru, Sinan Gokkaya, Xi Liu, René M. Stulz

NBER Working Paper No. 26062
Issued in July 2019

---- Acknowledgments ----

Birru is at Fisher College of Business, The Ohio State University. Gokkaya is at Ohio University and a Visiting Scholar at Fisher College of Business, The Ohio State University. Liu is at Farmer School of Business, Miami University. Stulz is at Fisher College of Business, The Ohio State University, NBER, and ECGI. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for René M. Stulz ----

René Stulz serves on the board of a bank and consults and provides expert testimony for financial institutions. He also belongs to the board of trustees of the Global Association of Risk Professionals.

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