Financial Analyst Characteristics and Herding Behavior in Forecasting

By Michael B. Clement, Senyo Tse. 2005

847 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/58eb56a6a897b26c013f48b81e87b25168a7045b

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Citations in the corpus

Before an Analyst Becomes an Analyst: Does Industry Experience Matter? (2015, neutral): “We also investigate improvements in firm-specific forecast accuracy across experienced and inexperienced analysts motivated by learning-by-doing models (Mikhail et al., 1997; Jacob et al., 1999; Clement and Tse, 2005).”
Political contributions and analyst behavior (2015, positive): “Following Gleason and Lee (2003) and Clement and Tse (2005), we focus on the forecasts of annual earnings by sell-side analysts in our main analysis.”
Empirical investigation of herding behavior in Chinese stock markets: Evidence from quantile regression analysis (2010, methodology): “Demirer and Kutan (2006) apply the CH method to examine herding in Chinese equity markets.”
Analysts' Weighting of Private and Public Information (2006, neutral): “, Hong, Kubik, and Solomon (2000) and Clement and Tse (2004)].”
Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions (2013, neutral): “Indeed, prior research (e.g., Clement, 1999; Clement and Tse, 2005) finds that the accuracy of analysts’ forecasts declines with the number of companies and industries analysts follow.”
The use of technical analysis by fund managers: International evidence (2010, background): “We focus on the findings that larger financial institutions employ “better” analysts (Hong, Kubik and Solomon, 2001; Clement and Tse, 2005) and that mutual fund managers are exposed to fewer agency problems than pension fund managers, which may avoid costs that draw on performance (Lakonishok,…”
Inside the 'Black Box' of Sell-Side Financial Analysts (2014, neutral): “Other analysts’ earnings forecasts received a very low rating (10th of 11 factors), in spite of evidence of forecast herding in prior research (Clement and Tse, 2005; Trueman, 1994).”
Thought and Behavior Contagion in Capital Markets (2008, positive): “Clement and Tse (2005) finds that analysts with greater prior accuracy and experience are more likely to make ‘bold’ (deviant) forecasts (see Trueman (1994) below), and that herding forecast revisions tend to be less accurate than bold forecast revisions. True herding (issuing forecasts that are bia”
Within-industry timing of earnings warnings: do managers herd? (2010, background): “Clement and Tse (2005) examine differences between analyst forecasts that converge to the consensus (herding forecasts) and those that diverge from it (bold forecasts).”
High-level politically connected firms, corruption, and analyst forecast accuracy around the world (2010, background): “We acknowledge that analyst characteristics may affect forecasting performance (Clement & Tse, 2005; Hong & Kubik, 2003).”
Do Analysts Herd? An Analysis of Recommendations and Market Reactions (2010, positive): “In contrast, Clement and Tse (2005) and Zitzewitz (2001) find evidence of herding and anti-herding when analysts revise their earnings forecasts. Panel B uses brokerage size as a measure of reputation. The herding coefficient on brokerage size dummy is significantly positive, which indicates that an”