This study classifies analysts' earnings forecasts as "herding" or "bold" and finds that (1) boldness likelihood increases with the analyst's prior accuracy, brokerage size, and experience and declines with the number of industries the analyst follows, consistent with theory linking boldness...

In this study, we examine how analysts are affected by the public actions of investors and other analysts by closely examining how analysts revise their earnings forecasts after an earnings announcement. In particular, we hypothesize that analysts observe the actions of investors and other...

This paper presents evidence for international markets about the characteristics of financial analysts who are able to provide more accurate earnings forecasts than their peers. The evidence is provided for ten individual countries and for country groups formed on the basis of a similar culture...