[ajross]

It's a review article. The paper you mention was just one of many cited. And sure, those are all different papers written by different authors and it's surely not unlikely that there are errors in there. But the reason for reviews like this one is to point out that all these different results support the same basic hypothesis.

As far as stocks, specificaly: really? People with cognitive trouble make bad stock picks all the time. Most of us have grandparents who have exhibited exactly this kind of mistake. While it's surely true that the bulk of analyst-driven trades are checked by methods that aren't sensitive to pollution (or just by analysts in different climates), there are certainly enough single-decider trades going on to show a small effect like this if it exists.

I mean, no, one oddball stock market paper doesn't prove much of anything. But in combination with a bunch of other research like this, it's worth taking seriously.