bias and herding in their stock recommendations occur due to incentives provided by relative performance evaluation and top …

This paper examines the influence of institutional factors on the herding behavior of security analysts. Exploiting a … issue herding forecasts compared to analysts from privately held brokers. We show that this effect is driven by the group of … analysts covering financial sector stocks. In particular, the probability of issuing a herding forecast revision is 4% higher …

important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can … association is found between firm-specific intangible asset intensity and financial analyst herding behavior. Our findings …

Using a multi-national dataset, we investigate the herding behaviour of financial analysts. Our results across a range … that are biased by anti-herding. Furthermore, the level of bias (i.e. anti-herding) seems to be systematically higher for … results show that increasing levels of investor protection and corporate governance mitigate the anti-herding behaviour …

. Using the I/B/E/S database, we find strong evidence that supports strategic herding behavior of financial analysts. This …

his ex-post herding option is endogenous and can motivate him to acquire more information up front. As a result, herding … between the independent analyst's ex-ante disciplining role and his ex-post herding behavior in equilibrium …