From the viewpoint of a brokerage firm or portfolio manager, are the substantial resources allocated to equity research actually leading to the identification of mispriced securities? Indeed, is it possible for pension fund managers and other institutional investors to follow the advice of hand-selected analysts and outperform the collective market, where the definitive criterion for assessing analyst quality is earnings forecast accuracy? From the viewpoint of regulators, can we determine whether two prominent analyst outputs Earnings forecasts and stock recommendations Are in fact useful and reliable information?