Zhao, Shen; Zhou, Guofu - 2023
, and explain it through herding behavior bias of the analysts. We find that the herding firms, whose analysts suffer the … herding bias, have greater firm-level uncertainty than non-herding firms. The stock prices of the herding firms have stronger … momentum and tend to under-react more to the both firm and macro news. Moreover, the herding firms' stocks are more likely to …
