Identifying Herding Among Financial Analysts-王刚 (上海财经大学)


主  题:Identifying Herding Among Financial Analysts

内容简介: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.

报告人:王刚    博士

时  间:2016-11-22    09:30

地  点:中和楼308


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