Sell-side quantitative equity research analysts (Quants) conduct econometric analyses of stock returns to uncover market anomalies and assist equity analysts and institutional clients with stock selection. We present novel evidence that establishes their role in helping analysts and mutual fund clients discover market anomalies and capital markets evolve toward greater pricing efficiency. Specifically, we find that analysts and mutual fund clients with greater access to Quants make recommendations and trades that reveal greater knowledge of anomalous cross-sectional return predictability. More importantly, cross-sectional return predictability is weaker in stocks that have higher coverage (ownership) by analysts (mutual fund clients) with access to Quants, and strengthens when quasi-exogenous brokerage house closures reduce the availability of Quants.

中文翻译：

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量化和市场异常


卖方定量股票研究分析师（Quants）对股票回报进行计量经济分析，以发现市场异常现象，并协助股票分析师和机构客户选择股票。我们提出了新颖的证据，证明他们在帮助分析师和共同基金客户发现市场异常以及资本市场向更高定价效率发展方面的作用。具体来说，我们发现更容易接触量化的分析师和共同基金客户提出的建议和交易揭示了对异常横截面回报可预测性的更多了解。更重要的是，对于能够获得量化分析的分析师（共同基金客户）覆盖范围（所有权）较高的股票，横截面回报的可预测性较弱，而当准外生经纪公司关闭减少了量化分析的可用性时，横截面回报的可预测性会增强。