Earticle

초록

영어

This research uses four different measures of bold to investigate how prior information affects analyst herding decisions. Results for the more restrictive measures of bold suggest that the probability of herding is greater with large information shocks. Evidence also shows that analysts are more likely to herd in their forecast revisions when their current outstanding forecasts deviate more from the consensus mean and in the presence of strong observable signals. In general, analysts with current outstanding forecasts that are optimistic are more likely to issue revised forecasts that are also optimistic.

목차

Abstract
 I. Introduction
 II. Prior Literature and Hypothesis Development
 III. Sample Selection
 IV. Research Design and Model Development
  4.1. Measurement of Bold (Herding) Forecasts
  4.2. Model Development
 V. Results
  5.1. Descriptive Statistics
  5.2. The Association between Forecast Boldness and Prior Information
  5.3. The Effect of Analyst Optimism on Forecast Revision Boldness
  5.4. The Effect of Signal Strength on Bold Forecasts
  5.5. Controlling for Analyst Characteristics
 VI. Summary and Conclusion
 References
 Table

키워드

저자

• Michele O'Neill [ College of Business and Economics The University of Idaho ]
• Minsup Song [ College of Business and Administration Sogang University ] Corresponding Author
• Judith Swisher [ Department of Finance and Commercial Law Haworth College of Business Western Michigan University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330