Both stock recommendations from sell-side analysts and online user generated content from crowds have great significance in the stock market. We examine and compare different effects of analyst attitude and crowd sentiment on stock prices in this study with data from CSMAR. By estimating a...

Anchoring behavior is widespread in the population, and analysts are no exception. According to Cen et al. (2013), analysts are influenced by the median value of firms’ industry when estimating future firm performance. They used cross-sectional anchoring bias (CAF) to describe the difference...