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Cited by 905

The DOI matches its Crossref record; 20 of the 20 references it cites were found in a registry or an index.

Financial Analyst Characteristics and Herding Behavior in Forecasting

CLEMENT, MICHAEL B., TSE, SENYO Y.·2005·The Journal of Finance
DOI 10.1111/j.1540-6261.2005.00731.x
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Abstract

This study classifies analysts' earnings forecasts as herding or bold and finds that (1) boldness likelihood increases with the analyst's prior accuracy, brokerage size, and experience and declines with the number of industries the analyst follows, consistent with theory linking boldness with career concerns and ability; (2) bold forecasts are more accurate than herding forecasts; and (3) herding forecast revisions are more strongly associated with analysts' earnings forecast errors (actual earnings—forecast) than are bold forecast revisions. Thus, bold forecasts incorporate analysts' private information more completely and provide more relevant information to investors than herding forecasts.

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Metadata

Authors
CLEMENT, M. B., & TSE, S. Y.
Venue
The Journal of Finance
Publisher
Wiley
Published
2005-02
Volume
60
Issue
1
Pages
307-341
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2005.00731.x
OpenAlex
W2057285392
Cited by
905
References
20
FWCI
94.94
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Financial Analyst Characteristics and Herding Behavior in Forecasting. https://app.cochat.ai/papers/10.1111/j.1540-6261.2005.00731.x
The paper
CLEMENT, M. B., & TSE, S. Y. (2005). Financial Analyst Characteristics and Herding Behavior in Forecasting. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00731.x

Data sources

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.