Financial analysts and journalists clash over TD Securities' M&A league table ranking reporters by hit rates. The study measures story accuracy as an alpha source, but journalists call it fundamentally flawed.

Bloomberg News' David Carnevali criticizes the methodology: a "first report in a six-month window" cut-off punishes early reporting. Resetting the clock on deal changes ignores M&A choreography. Leaks serve various strategic motives; vague stories plant flags. Counting only fully accurate reports misses half the picture.

League tables are deceptive; no one-size-fits-all formula values information accuracy. Senior reporters are handicapped as deal size adds bylines. Hit rates may help HFT desks but presentation amounts to professional slander. The Financial Times posts TD's results to show they're daft. TD only counts reporters across five publications with at least one M&A story by June 30 and three or more hits from 2023.

RBC Capital Markets did a similarly silly analysis earlier. "Thanks again, Canada."