The behavioral basis of sell-side analysts' herding

Robert B. Durand*, Manapon Limkriangkrai, Lucia FUNG

*Corresponding author for this work

    Research output: Contribution to journalJournal articlepeer-review

    6 Citations (Scopus)


    Sell-side analysts move away from the prevailing consensus as their confidence increases. As their confidence falls, they herd toward the prevailing consensus. Confidence as well as the associated propensity to move away from the herd increase as firms become more difficult to analyze. This behavior is consistent with such analysts having lower meta-cognitive skills.

    Original languageEnglish
    Pages (from-to)176-190
    Number of pages15
    JournalJournal of Contemporary Accounting and Economics
    Issue number3
    Publication statusPublished - 1 Dec 2014

    Scopus Subject Areas

    • Accounting

    User-Defined Keywords

    • Behavioral finance
    • Confidence
    • Meta-cognition
    • Sell-side analysts


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