Even though they were supposed to be individual stars, their performance wasn’t portable. When star analysts moved to a different firm, their performance dropped, and it stayed lower for at least five years. In the first year after the move, the star analysts were 5 percent less likely to be ranked first, 6 percent less likely to be ranked second, 1 percent less likely to be ranked third, and 6 percent more likely to be unranked. Even five years after the move, the stars were 5 percent less likely to be ranked first and 8 percent more likely to be unranked.
