Abstract
The CFA program substantially improves the recommendation performance of analysts that participate in the program. The positive program impact is much stronger for analysts who cover smaller companies or companies with thinner overall analyst coverage. Analysts improve their performance when going through the CFA program as candidates but stop such improvements after completing the program. The learning from the CFA program also significantly reduces risk-taking and bias behavior in analyst recommendations. Moreover, CFA designations increase analysts’ mobility to larger brokerage firms. The results survive various robustness checks, including using different methods to deal with the selection bias.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
