This paper shows that analysts' herding forecasts are accompanied by significant return reversals of 116 basis points … per month, while anti-herding forecasts render reversals insignificant. These results are magnified among illiquid stocks … and during high VIX months. Since analyst herding is specific to covered firms, we are also able to examine information …

when they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …

they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …