| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12866 |
| 来源ID | Working Paper 12866 |
| Do Analysts Herd? An Analysis of Recommendations and Market Reactions | |
| Narasimhan Jegadeesh; Woojin Kim | |
| 发表日期 | 2007-01-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper 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 and analysts following stocks with smaller dispersion across recommendations are more likely to herd. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w12866 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570532 |
| 推荐引用方式 GB/T 7714 | Narasimhan Jegadeesh,Woojin Kim. Do Analysts Herd? An Analysis of Recommendations and Market Reactions. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12866.pdf（172KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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