Abnormal Returns and Risk Adjusted Performance of Analyst-Driven Portfolios: Evidence from Swedish Equity Research
This thesis investigates whether portfolios constructed from over 8000 recommendations from analyst companies operating in Sweden (2019-2024), outperform their benchmarks and generate abnormal returns in excess of common risk factors. Four of the six analyst-driven portfolios outperformed their respective indices in cumulative returns, but factor model explained most of the excess performance. Not
