메뉴 건너뛰기




Volumn 54, Issue 1, 1999, Pages 237-268

Herding among investment newsletters: Theory and evidence

(1)  Graham, John R a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0040531752     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/0022-1082.00103     Document Type: Article
Times cited : (425)

References (49)
  • 1
    • 0001758906 scopus 로고
    • Heteroscedastic and autocorrelation consistent covariance matrix estimation
    • Andrews, Donald, 1991, Heteroscedastic and autocorrelation consistent covariance matrix estimation, Econometrica 59, 817-858.
    • (1991) Econometrica , vol.59 , pp. 817-858
    • Andrews, D.1
  • 2
    • 84960565609 scopus 로고
    • A simple model of herd behavior
    • Banerjee, Abhijit, 1992, A simple model of herd behavior, Quarterly Journal of Economics 107, 797-817.
    • (1992) Quarterly Journal of Economics , vol.107 , pp. 797-817
    • Banerjee, A.1
  • 3
    • 0010959025 scopus 로고
    • Working paper, Department of Economics, Massachusetts Institute of Technology
    • Banerjee, Abhijit, and Drew Fudenberg, 1995, Word-of-mouth learning, Working paper, Department of Economics, Massachusetts Institute of Technology.
    • (1995) Word-of-mouth Learning
    • Banerjee, A.1    Fudenberg, D.2
  • 4
    • 27744568768 scopus 로고
    • A theory of fads, fashion, custom, and cultural change as informational cascades
    • Bikhchandani, Sushil, David Hirshleifer, and Ivo Welch, 1992, A theory of fads, fashion, custom, and cultural change as informational cascades, Journal of Political Economy 100, 992-1026.
    • (1992) Journal of Political Economy , vol.100 , pp. 992-1026
    • Bikhchandani, S.1    Hirshleifer, D.2    Welch, I.3
  • 5
    • 0002253827 scopus 로고
    • Yes, Virginia, there is hope: Tests of the value line ranking system
    • Black, Fischer, 1973, Yes, Virginia, there is hope: Tests of the Value Line ranking system, Financial Analysts Journal 29, 10-14.
    • (1973) Financial Analysts Journal , vol.29 , pp. 10-14
    • Black, F.1
  • 6
    • 0030514889 scopus 로고    scopus 로고
    • When managers cover their posteriors: Making the decisions the market wants to see
    • Brandenburger, Adam, and Ben Polak, 1996, When managers cover their posteriors: Making the decisions the market wants to see, Rand Journal of Economics 27, 523-541.
    • (1996) Rand Journal of Economics , vol.27 , pp. 523-541
    • Brandenburger, A.1    Polak, B.2
  • 7
    • 84977731725 scopus 로고
    • Latent assets
    • Brennan, Michael, 1990, Latent assets, Journal of Finance 45, 709-730.
    • (1990) Journal of Finance , vol.45 , pp. 709-730
    • Brennan, M.1
  • 8
    • 0011006390 scopus 로고
    • The value line enigma (1965-1978): A case study of performance evaluation issues
    • Copeland, Thomas, and David Mayers, 1982, The Value Line enigma (1965-1978): A case study of performance evaluation issues, Journal of Financial Economics 10, 289-321.
    • (1982) Journal of Financial Economics , vol.10 , pp. 289-321
    • Copeland, T.1    Mayers, D.2
  • 9
    • 0001138987 scopus 로고    scopus 로고
    • Rational herding in financial markets
    • Devenow, Andrea, and Ivo Welch, 1996, Rational herding in financial markets, European Economic Review 40, 603-616.
    • (1996) European Economic Review , vol.40 , pp. 603-616
    • Devenow, A.1    Welch, I.2
  • 10
    • 84917319886 scopus 로고
    • Reputation acquisition in debt markets
    • Diamond, Douglas, 1989, Reputation acquisition in debt markets, Journal of Political Economy 97, 828-862.
    • (1989) Journal of Political Economy , vol.97 , pp. 828-862
    • Diamond, D.1
  • 11
    • 84993850791 scopus 로고
    • Arbitrage chains
    • Dow, James, and Gary Gorton, 1994, Arbitrage chains, Journal of Finance 49, 819-849.
    • (1994) Journal of Finance , vol.49 , pp. 819-849
    • Dow, J.1    Gorton, G.2
  • 12
    • 0040455274 scopus 로고    scopus 로고
    • Why are professional forecasters biased? Agency versus behavioral explanations
    • Ehrbeck, Tilman, and Robert Waldmann, 1996, Why are professional forecasters biased? Agency versus behavioral explanations, Quarterly Journal of Economics 111, 21-40.
    • (1996) Quarterly Journal of Economics , vol.111 , pp. 21-40
    • Ehrbeck, T.1    Waldmann, R.2
  • 13
    • 0011183797 scopus 로고    scopus 로고
    • Preferences for stock characteristics as revealed by mutual fund portfolio holdings
    • Falkenstein, Eric, 1996, Preferences for stock characteristics as revealed by mutual fund portfolio holdings, Journal of Finance 51, 111-135.
    • (1996) Journal of Finance , vol.51 , pp. 111-135
    • Falkenstein, E.1
  • 14
    • 34250890715 scopus 로고
    • Business conditions and expected returns on stocks and bonds
    • Fama, Eugene, and Kenneth French, 1989, Business conditions and expected returns on stocks and bonds, Journal of Financial Economics 25, 23-50.
    • (1989) Journal of Financial Economics , vol.25 , pp. 23-50
    • Fama, E.1    French, K.2
  • 15
    • 84977717550 scopus 로고
    • Herd on the street: Informational inefficiencies in a market with short-term speculation
    • Froot, Kenneth, David Scharfstein, and Jeremy Stein, 1992, Herd on the street: Informational inefficiencies in a market with short-term speculation, Journal of Finance 47, 1461-1484.
    • (1992) Journal of Finance , vol.47 , pp. 1461-1484
    • Froot, K.1    Scharfstein, D.2    Stein, J.3
  • 16
    • 0031534175 scopus 로고    scopus 로고
    • Herding on noise: The case of Johnson Redbook's weekly retail sales data
    • Golec, Joseph, 1997, Herding on noise: The case of Johnson Redbook's weekly retail sales data, Journal of Financial and Quantitative Analysis 32, 367-381.
    • (1997) Journal of Financial and Quantitative Analysis , vol.32 , pp. 367-381
    • Golec, J.1
  • 17
    • 0040898814 scopus 로고    scopus 로고
    • Is a group of economists better than one? Than none?
    • Graham, John, 1996, Is a group of economists better than one? Than none?, Journal of Business 69, 193-232.
    • (1996) Journal of Business , vol.69 , pp. 193-232
    • Graham, J.1
  • 18
    • 0030295871 scopus 로고    scopus 로고
    • Market timing ability and volatility implied in investment newsletters' asset allocation recommendations
    • Graham, John, and Campbell Harvey, 1996, Market timing ability and volatility implied in investment newsletters' asset allocation recommendations, Journal of Financial Economics 42, 397-421.
    • (1996) Journal of Financial Economics , vol.42 , pp. 397-421
    • Graham, J.1    Harvey, C.2
  • 19
    • 0002453481 scopus 로고    scopus 로고
    • Grading the performance of market timing investment newsletters
    • Graham, John, and Campbell Harvey, 1997, Grading the performance of market timing investment newsletters, Financial Analysts Journal 53, 54-66.
    • (1997) Financial Analysts Journal , vol.53 , pp. 54-66
    • Graham, J.1    Harvey, C.2
  • 20
    • 0000741932 scopus 로고
    • Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior
    • Grinblatt, Mark, Sheridan Titman, and Russ Wermers, 1995, Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior, American Economic Review 85, 1088-1105.
    • (1995) American Economic Review , vol.85 , pp. 1088-1105
    • Grinblatt, M.1    Titman, S.2    Wermers, R.3
  • 21
    • 0000414660 scopus 로고
    • Large sample properties of generalized method of moments estimators
    • Hansen, Lars, 1982, Large sample properties of generalized method of moments estimators, Econometrica 50, 1029-1054.
    • (1982) Econometrica , vol.50 , pp. 1029-1054
    • Hansen, L.1
  • 22
    • 0000425816 scopus 로고
    • Time-varying conditional covariances in test of asset pricing models
    • Harvey, Campbell, 1989, Time-varying conditional covariances in test of asset pricing models, Journal of Financial Economics 24, 289-317.
    • (1989) Journal of Financial Economics , vol.24 , pp. 289-317
    • Harvey, C.1
  • 23
    • 21344479930 scopus 로고
    • Managerial reputation and corporate investment decisions
    • Hirshleifer, David, 1993, Managerial reputation and corporate investment decisions, Financial Management 22, 145-160.
    • (1993) Financial Management , vol.22 , pp. 145-160
    • Hirshleifer, D.1
  • 24
    • 84993660281 scopus 로고
    • Security analysis and trading patterns when some investors receive private information before others
    • Hirshleifer, David, Avanidhar Subrahmanyam, and Sheridan Titman, 1994, Security analysis and trading patterns when some investors receive private information before others, Journal of Finance 49, 1665-1698.
    • (1994) Journal of Finance , vol.49 , pp. 1665-1698
    • Hirshleifer, D.1    Subrahmanyam, A.2    Titman, S.3
  • 30
    • 0000149467 scopus 로고
    • On the convergence of informational cascades
    • Lee, In Ho, 1993, On the convergence of informational cascades, Journal of Economic Theory 61, 395-411.
    • (1993) Journal of Economic Theory , vol.61 , pp. 395-411
    • Lee, I.H.1
  • 31
    • 0031627919 scopus 로고    scopus 로고
    • The information content of value line convertible bond rankings
    • Lewis, Craig, Richard Rogalski, and James Seward, 1997, The information content of Value Line convertible bond rankings, Journal of Portfolio Management 24, 42-52.
    • (1997) Journal of Portfolio Management , vol.24 , pp. 42-52
    • Lewis, C.1    Rogalski, R.2    Seward, J.3
  • 33
    • 0040628315 scopus 로고    scopus 로고
    • Performance evaluation with transactions data: The stock selection of investment newsletters
    • forthcoming
    • Metrick, Andrew, 1999, Performance evaluation with transactions data: The stock selection of investment newsletters, Journal of Finance, forthcoming.
    • (1999) Journal of Finance
    • Metrick, A.1
  • 35
    • 0001031094 scopus 로고
    • On consistent estimates of the spectrum of a stationary time series
    • Parzen, Emmanuel, 1957, On consistent estimates of the spectrum of a stationary time series, Annals of Mathematical Statistics 28, 329-348.
    • (1957) Annals of Mathematical Statistics , vol.28 , pp. 329-348
    • Parzen, E.1
  • 37
    • 0000033632 scopus 로고    scopus 로고
    • Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning
    • Prendergast, Constance, and Lars Stole, 1996, Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning, Journal of Political Economy 104, 1105-1134.
    • (1996) Journal of Political Economy , vol.104 , pp. 1105-1134
    • Prendergast, C.1    Stole, L.2
  • 39
    • 0003910520 scopus 로고
    • Working paper 94-24, Department of Economics, Massachusetts Institute of Technology
    • Smith, Lones, and Peter Sorensen, 1994, Pathological models of observational learning, Working paper 94-24, Department of Economics, Massachusetts Institute of Technology.
    • (1994) Pathological Models of Observational Learning
    • Smith, L.1    Sorensen, P.2
  • 40
    • 0000021074 scopus 로고
    • The effect of value line survey rank changes on common stock prices
    • Stickel, Scott, 1985, The effect of Value Line survey rank changes on common stock prices, Journal of Financial Economics 14, 121-144.
    • (1985) Journal of Financial Economics , vol.14 , pp. 121-144
    • Stickel, S.1
  • 41
    • 0001555635 scopus 로고
    • Predicting individual analyst earnings forecasts
    • Stickel, Scott, 1990, Predicting individual analyst earnings forecasts, Journal of Accounting Research 28, 409-417.
    • (1990) Journal of Accounting Research , vol.28 , pp. 409-417
    • Stickel, S.1
  • 42
    • 84993865999 scopus 로고
    • Reputation and performance among security analysts
    • Stickel, Scott, 1992, Reputation and performance among security analysts, Journal of Finance 47, 1811-1836.
    • (1992) Journal of Finance , vol.47 , pp. 1811-1836
    • Stickel, S.1
  • 43
    • 4844228063 scopus 로고
    • Analyst forecasts and herding behavior
    • Trueman, Brett, 1994, Analyst forecasts and herding behavior, The Review of Financial Studies 7, 97-124.
    • (1994) The Review of Financial Studies , vol.7 , pp. 97-124
    • Trueman, B.1
  • 44
    • 84977727359 scopus 로고
    • Sequential sales, learning, and cascades
    • Welch, Ivo, 1992, Sequential sales, learning, and cascades, Journal of Finance 47, 695-732.
    • (1992) Journal of Finance , vol.47 , pp. 695-732
    • Welch, I.1
  • 45
    • 0039447275 scopus 로고    scopus 로고
    • Working paper #8-96, University of California, Los Angeles
    • Welch, Ivo, 1996, Herding among security analysts, Working paper #8-96, University of California, Los Angeles.
    • (1996) Herding among Security Analysts
    • Welch, I.1
  • 46
    • 0006818286 scopus 로고    scopus 로고
    • Mutual fund herding and the impact on stock prices
    • forthcoming
    • Wermers, Russ, 1999, Mutual fund herding and the impact on stock prices, Journal of Finance, forthcoming.
    • (1999) Journal of Finance
    • Wermers, R.1
  • 47
    • 0011183261 scopus 로고    scopus 로고
    • Do brokerage analysts' recommendations have investment value?
    • Womack, Kent, 1996, Do brokerage analysts' recommendations have investment value?, Journal of Finance 51, 137-167.
    • (1996) Journal of Finance , vol.51 , pp. 137-167
    • Womack, K.1
  • 49
    • 0001839537 scopus 로고
    • Corporate conservatism and relative compensation
    • Zwiebel, Jeffrey, 1995, Corporate conservatism and relative compensation, Journal of Political Economy 103, 1-25.
    • (1995) Journal of Political Economy , vol.103 , pp. 1-25
    • Zwiebel, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.