RT Journal Article SR Electronic T1 Performance of Stocks Recommended by Brokerages JF The Journal of Investing FD Institutional Investor Journals SP 23 OP 34 DO 10.3905/joi.2004.391039 VO 13 IS 1 A1 J. Randall Woolridge YR 2004 UL https://pm-research.com/content/13/1/23.abstract AB Examination of performance over 1993–2002 indicates that average quarterly and cumulative returns of stocks recommended by brokerage firms are slightly below the returns of the S&P 500. And recommended stock returns are more volatile. Stocks recommended by top-tier brokerage firms perform more poorly than those recommended by mid-tier or regional firms. There is considerable variability across recommendations of individual brokerage firms. The stock recommendations of Merrill Lynch and Raymond James show the best results among top-tier and mid-tier or regional brokerage firms. On a risk-adjusted basis, only stocks recommended by three of the ten brokerage firms with a full ten years of data outperformed the S&P 500.