Access the full text.
Sign up today, get DeepDyve free for 14 days.
L. Brown (2001)
How Important Is Past Analyst Forecast Accuracy?Financial Analysts Journal, 57
Canice Prendergast, Lars Stole (1996)
Impetuous Youngsters and Jaded Old-Timers: Acquiring a Reputation for LearningJournal of Political Economy, 104
Jeffery Abarbanell (1991)
Do analysts' earnings forecasts incorporate information in prior stock price changes?Journal of Accounting and Economics, 14
Harrison Hong, Jeffrey Kubik (2003)
Analyzing the Analysts: Career Concerns and Biased Earnings ForecastsJournal of Finance, 58
Michael Clement (1999)
Analyst Forecast Accuracy: Do Ability, Resources and Portfolio Complexity Matter?Journal of Accounting and Economics, 27
Robert Gertner, Bengt Holmstrom
Herd Behavior and Investment
Scott Stickel (1990)
Predicting Individual Analyst Earnings ForecastsJournal of Accounting Research, 28
Michael Mikhail, Beverly Walther, R. Willis (1999)
Does Forecast Accuracy Matter to Security AnalystsThe Accounting Review, 74
Jeffery Abarbanell, W. Lanen, Robert Verrecchia (1995)
Analysts' forecasts as proxies for investor beliefs in empirical researchJournal of Accounting and Economics, 20
M. Bagnoli, M. Beneish, Susan Watts (1999)
Whisper Forecasts of Quarterly Earnings Per ShareKelley: Accounting (Topic)
Mark Grinblatt, S. Titman, Russ Wermers (1994)
Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund BehaviorThe American Economic Review, 85
Scott Stickel (1992)
Reputation and Performance Among Security AnalystsJournal of Finance, 47
Jeffrey Kubik, Amit Solomon, Harrison Hong (1998)
Security Analysts' Career Concerns and Herding of Earnings ForecastsLabor: Personnel Economics
J. Graham (1998)
Herding Among Investment Newsletters: Theory and EvidenceCapital Markets eJournal
Michael Clement, Senyo Tse (2003)
Do Investors Respond to Analysts' Forecast Revisions as if Forecast Accuracy Is All That Matters?The Accounting Review, 78
J. Jacob, Thomas Lys, M. Neale (1999)
Expertise in forecasting performance of security analystsJournal of Accounting and Economics, 28
Michael Mikhail, Beverly Walther, R. Willis (1997)
Do security analysts improve their performance with experienceJournal of Accounting Research, 35
Graham (1999)
Herding among investment newsletters: Theory and evidenceJournal of Finance, 54
I. Welch (2000)
Herding among security analystsJournal of Financial Economics, 58
Robert Olsen (1996)
Implications of Herding Behavior for Earnings Estimation, Risk Assessment, and Stock ReturnsFinancial Analysts Journal, 52
Brett Trueman (1994)
Analyst Forecasts and Herding BehaviorReview of Financial Studies, 7
Ricky Cooper, T. Day, C. Lewis (2001)
Following the leader: ☆: a study of individual analysts’ earnings forecastsJournal of Financial Economics, 61
Cristi Gleason, Charles Lee (2003)
Analyst Forecast Revisions and Market Price DiscoveryAccounting review: A quarterly journal of the American Accounting Association, 78
J. Côté, D. Sanders (1997)
Herding Behavior: Explanations and Implications
L. Brown (2000)
Predicting Individual Analyst Earnings Forecast Accuracy
Chul Park, E. Stice (2000)
Analyst Forecasting Ability and the Stock Price Reaction to Forecast RevisionsReview of Accounting Studies, 5
P. O'brien (1990)
Forecast accuracy of individual analysts in nine industriesJournal of Accounting Research, 28
W. Bondt, W. Forbes (1999)
Herding in analyst earnings forecasts: evidence from the United KingdomEuropean Financial Management, 5
P. Sinha, L. Brown, Somnath Das (1997)
A Re-Examination of Financial Analysts' Differential Earnings Forecast AccuracyFox: Accounting (Topic)
Hong (2000)
Security analysts' career concerns and herding of earnings forecastsRAND Journal of Economics, 31
ABSTRACT This study classifies analysts' earnings forecasts as herding or bold and finds that (1) boldness likelihood increases with the analyst's prior accuracy, brokerage size, and experience and declines with the number of industries the analyst follows, consistent with theory linking boldness with career concerns and ability; (2) bold forecasts are more accurate than herding forecasts; and (3) herding forecast revisions are more strongly associated with analysts' earnings forecast errors (actual earnings—forecast) than are bold forecast revisions. Thus, bold forecasts incorporate analysts' private information more completely and provide more relevant information to investors than herding forecasts.
The Journal of Finance – Wiley
Published: Feb 1, 2005
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.