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The Extent and Duration of Analysts' Optimistic Expectations of Initial Public Offer Firms 分析师对首次公开募股公司乐观预期的程度和持续时间
Capital Market Intermediaries Pub Date : 2008-01-01 DOI: 10.2139/ssrn.891195
Asher Curtis, J. Yeo
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引用次数: 0
Do Buy-Side Analysts Out-Perform the Sell-Side? 买方分析师的表现优于卖方分析师吗?
Capital Market Intermediaries Pub Date : 2007-03-01 DOI: 10.2139/ssrn.806264
Boris Groysberg, P. Healy, C. Chapman, Devin M. Shanthikumar, Yang Gui
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引用次数: 41
Analysts' Herding Propensity: Theory and Evidence from Earnings Forecasts 分析师的羊群倾向:盈利预测的理论和证据
Capital Market Intermediaries Pub Date : 2006-09-01 DOI: 10.2139/ssrn.929467
M. Krishnan, Steve C. Lim, P. Zhou
{"title":"Analysts' Herding Propensity: Theory and Evidence from Earnings Forecasts","authors":"M. Krishnan, Steve C. Lim, P. Zhou","doi":"10.2139/ssrn.929467","DOIUrl":"https://doi.org/10.2139/ssrn.929467","url":null,"abstract":"We model and estimate analysts' herding propensity with I/B/E/S annual earnings forecast data. Compared to prior studies, our paper has three unique features. First, we estimate analysts' true posterior beliefs of a firm's earnings assuming rational expectations rather than using analysts' own prior forecasts. Second, we estimate analysts' herding propensity at aggregate and the analyst levels rather than the forecast level. Third, we perform out-of-sample rather than in-sample tests on the usefulness of our herding propensity estimates. We document pervasive herding behavior. At the aggregate level, we find that herding propensity is positively related to forecast horizon and analyst coverage, but negatively related to analysts' general experience and brokerage size. At the analyst level, we find that about 75% (15%) of the analysts in our sample tend to herd (anti-herd). Moreover, our in-sample herding propensity estimates are useful in explaining the cross-sectional variation in analysts' out-of-sample herding behavior and forecast accuracy.","PeriodicalId":442653,"journal":{"name":"Capital Market Intermediaries","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122007300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
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