Brown, Nerissa C.; Wei, Kelsey D.; Wermers, Russ - 2007 - This Draft: March 2007
bigger herds of funds selling. Our most important finding is that mutual fund herding impacts stock prices to a much larger … recommendation revisions. An investment strategy that accounts for the direction of both analyst revisions and mutual fund herding … results remain robust when we condition fund herding on analyst earnings forecast revisions instead of recommendation …
