forecaster's own forecast. This looks like herding. In our survey, forecasters do not herd for reputational reasons, however …. Instead of herding, we suggest that forecasters form higher-order expectations in the spirit of Keynes (1936). We find that …

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 …