Bold Analysts or Bold Banks: Do Institutional Factors Drive Herding Behavior?

@article{Cueni2013BoldAO,
  title={Bold Analysts or Bold Banks: Do Institutional Factors Drive Herding Behavior?},
  author={Reto Cueni and P. Fiechter},
  journal={Banking & Insurance eJournal},
  year={2013}
}
This paper examines the influence of institutional factors on the herding behavior of security analysts. Exploiting a unique dataset on the ownership of brokerage houses, we find that analysts from publicly listed brokers are more likely to issue herding forecasts compared to analysts from privately held brokers. We show that this effect is driven by the group of analysts covering financial sector stocks. In particular, the probability of issuing a herding forecast revision is 4% higher… Expand
1 Citations

References

SHOWING 1-10 OF 60 REFERENCES
...
1
2
3
4
5
...