主  題：Identifying Herding Among Financial Analysts

內(nèi)容簡(jiǎn)介：This work explores daily analysts' forecasts and exploits the All-American Research Team award as a reputation shock to identify herding among them. We find that after award the distance among analysts is reduced more on stocks that are covered by a first time winner. A further investigation into the direction of moves shows that this reduction is due to that non-winning analysts move closer to pre-award forecasts of the first time winners. The first time winners, on the contrary, move away from the non-winning analysts. We further show that non-winning analysts herd more on stocks for which the winning analysts are more accurate or non-winning analysts are less accurate, which suggests that analysts herd rationally.

報(bào)告人：王剛    博士

時(shí)  間：2016-11-22    09:30

地  點(diǎn)：中和樓308

舉辦單位：經(jīng)濟(jì)與金融研究院