Do Analysts Herd? An Analysis of Recommendations and Market Reactions
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Jegadeesh, Narasimhan | - |
dc.contributor.author | Kim, Woojin | - |
dc.date.accessioned | 2021-09-08T05:29:54Z | - |
dc.date.available | 2021-09-08T05:29:54Z | - |
dc.date.created | 2021-06-11 | - |
dc.date.issued | 2010-02 | - |
dc.identifier.issn | 0893-9454 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/117078 | - |
dc.description.abstract | This article develops and implements a new test to investigate whether sell-side analysts herd around the consensus when they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following recommendation revisions are stronger when the new recommendation is away from the consensus than when it is closer to it, indicating that the market recognizes analysts' tendency to herd. We find that analysts from larger brokerages, analysts following stocks with smaller dispersion across recommendations, and analysts who make less frequent revisions are more likely to herd. (JEL G14, G20, D82, D83) | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | OXFORD UNIV PRESS INC | - |
dc.subject | FORECAST REVISIONS | - |
dc.subject | CAREER CONCERNS | - |
dc.subject | BEHAVIOR | - |
dc.title | Do Analysts Herd? An Analysis of Recommendations and Market Reactions | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Woojin | - |
dc.identifier.doi | 10.1093/rfs/hhp093 | - |
dc.identifier.scopusid | 2-s2.0-76549122763 | - |
dc.identifier.wosid | 000273892100013 | - |
dc.identifier.bibliographicCitation | REVIEW OF FINANCIAL STUDIES, v.23, no.2, pp.901 - 937 | - |
dc.relation.isPartOf | REVIEW OF FINANCIAL STUDIES | - |
dc.citation.title | REVIEW OF FINANCIAL STUDIES | - |
dc.citation.volume | 23 | - |
dc.citation.number | 2 | - |
dc.citation.startPage | 901 | - |
dc.citation.endPage | 937 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | ahci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | FORECAST REVISIONS | - |
dc.subject.keywordPlus | CAREER CONCERNS | - |
dc.subject.keywordPlus | BEHAVIOR | - |
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