The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Herding among Investment Newsletters: Theory and Evidence
Open accessAbstract
A model is developed which implies that if an analyst has high reputation or low ability, or if there is strong public information that is inconsistent with the analyst's private information, she is likely to herd. Herding is also common when informative private signals are positively correlated across analysts. The model is tested using data from analysts who publish investment newsletters. Consistent with the model's implications, the empirical results indicate that a newsletter analyst is likely to herd on Value Line's recommendation if her reputation is high, if her ability is low, or if signal correlation is high.
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Citations
Cites
Managerial Incentive Problems: A Dynamic Perspective
Holmstrom, B. (1999) · Review of Economic Studies · doi:10.1111/1467-937x.00083 · Cited by 3,172
Preferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings
FALKENSTEIN, E. G. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05204.x · Cited by 1,058
Cited by
A Longitudinal Study of Herd Behavior in the Adoption and Continued Use of Technology1
Sun, H. (2013) · MIS Quarterly · doi:10.25300/misq/2013/37.4.02 · Cited by 375
Ottaviani, M., & Sørensen, P. N. (2006) · Journal of Economic Theory · doi:10.1016/j.jet.2004.08.005 · Cited by 180
Metadata
- Authors
- Graham, J. R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-02
- Volume
- 54
- Issue
- 1
- Pages
- 237-268
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124023934
- Cited by
- 759
- References
- 2
- FWCI
- 57.42
- Type
- journal article
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: Herding among Investment Newsletters: Theory and Evidence. https://app.cochat.ai/papers/10.1111/0022-1082.00103
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- Graham, J. R. (1999). Herding among Investment Newsletters: Theory and Evidence. The Journal of Finance. https://doi.org/10.1111/0022-1082.00103
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
