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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | The Role of Stock Indices in Analyst Career Outcomes and Stock Recommendations |
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| Institution | University of Zurich |
| Series Name | Swiss Finance Institute Research Paper |
| Number | 23-50 |
| Number of Pages | 55 |
| Date | 2023 |
| Abstract Text | Random changes in firms' stock index membership have important implications on sell-side analysts' career outcomes. Covered firms moving from the bottom of Russell 1000 to the top of Russell 2000 significantly increase an analyst's likelihood of moving to a high-status broker or receiving a career-first All-Star Analyst nomination - particularly for early-career analysts. This is reflected in analyst recommendations. For firms that are just above the index threshold - that might move to Russell 2000 if their share price decreases slightly - analyst recommendations are significantly more negative around the time of defining the index weights that determine index membership. |
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| Digital Object Identifier | 10.2139/ssrn.4414198 |
| Other Identification Number | merlin-id:23653 |
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