A recent study tracked investor reaction to more than 50,000 reports issued by 2,794 analysts between 1993 and 1999. While the data show that both large and small investors react to analyst counsel, the larger -- and presumably more sophisticated -- traders tend to make more money doing so. Compared to those making larger trades, smaller investors seem less aware of conflicts that securities analysts may face, and this lack of understanding translates into less profitable stock-market decisions.<br><br><a href='http://knowledge.wpcarey.asu.edu/index.cfm?fa=viewArticle&id=1301' target='_blank'>http://knowledge.wpcarey.asu.edu/index.cfm?fa=viewArticle&id=1301</a><br><br>