The behavioral basis of sell-side analysts' herding

Robert B. Durand*, Manapon Limkriangkrai, Lucia FUNG

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)

Abstract

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
Volume10
Issue number3
DOIs
Publication statusPublished - 1 Dec 2014

Scopus Subject Areas

  • Accounting

User-Defined Keywords

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

Fingerprint

Dive into the research topics of 'The behavioral basis of sell-side analysts' herding'. Together they form a unique fingerprint.

Cite this