The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Security Analysts' Career Concerns and Herding of Earnings Forecasts
Abstract
Several theories of reputation and herding (see, e.g., Scharfstein and Stein (1990)) suggest that herding among agents should vary with career concerns.Our goal in this paper is to document whether such a link exists in the labor market for security analysts.Specifically, we look at the relationship between an analyst's job tenure (a proxy for career concerns) and various measures of stock earnings forecast performance.We establish the following key results.(1) Older analysts are more likely to produce earnings forecasts of firms before younger ones.(2) Their forecasts also deviate more from the consensus forecast than their younger counterparts.We argue that these results are consistent with some reputational models of herding.We also establish a number of auxiliary findings regarding the relationship between forecast accuracy and frequency of forecast revisions with job tenure.
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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
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430
Self-citationIoannou, I., & Serafeim, G. (2015) · Strategic Management Journal · doi:10.1002/smj.2268 · Cited by 1,124
Decision fatigue and heuristic analyst forecasts
Hirshleifer, D., Levi, Y., Lourie, B., & Teoh, S. H. (2019) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.01.005 · Cited by 248
Ottaviani, M., & Sørensen, P. N. (2006) · Journal of Economic Theory · doi:10.1016/j.jet.2004.08.005 · Cited by 180
Metadata
- Authors
- Hong, H., Kubik, J. D., & Solomon, A.
- Venue
- The RAND Journal of Economics
- Publisher
- Wiley
- Published
- 2000
- Volume
- 31
- Issue
- 1
- Pages
- 121
- ISSN
- 0741-6261 (ISSN-L)
- OpenAlex
- W3125348180
- Cited by
- 1,150
- References
- 2
- FWCI
- 98.63
- Type
- journal article
- Language
- en
- Open access
- closed
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