Dynamic forecasting behavior by analysts: Theory and evidence

Journal of Financial Economics

Volumn 80, Issue 1, 2006, Pages 81-113

  Clarke, Jonathan ^a   Subramanian, Ajay ^b  

^a GEORGIA INSTITUTE OF TECHNOLOGY   (United States)

^b GEORGIA STATE UNIVERSITY   (United States)

Author keywords

Analysts; Career concerns; Dynamic forecasting; Employment risk; Herding

Indexed keywords

EID: 33644969171     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2005.03.008     Document Type: Article

References (31)

1. C. Avery J. Chevalier Herding over the career Economics Letters 63 1999 327-333
2. A. Banerjee A simple model of herd behavior Quarterly Journal of Economics 107 1992 797-817
3. A. Bensoussan Stochastic Control of Partially Observable Systems 1992 University of Cambridge Press Cambridge
4. D. Bernhardt E. Kutsoati Can relative performance compensation explain analysts' forecast of earnings? Unpublished working paper 2000 Tufts University Medford, MA
5. S. Bikhchandani D. Hirshleifer I. Welch A theory of fads, fashion, custom, and cultural change as informational cascades Journal of Political Economy 100 1992 797-818
6. S. Bikhchandani S. Sharma Herd behavior in financial markets IMF Staff Papers 47 3 2001 279-310
7. Chen, Q., Jiang, W., 2005. Analysts' weighting of public and private information. Review of Financial Studies, forthcoming.
8. J. Chevalier G. Ellison Career concerns of mutual fund managers Quarterly Journal of Economics, May 1999 389-432
9. M. Clement S. Tse Financial analysts characteristics and herding behavior in forecasting Journal of Finance 60 2005 307-341
10. R. Gibbons K.J. Murphy Optimal incentive contracts in the presence of career concerns: Theory and evidence Journal of Political Economy 100 1992 468-505
11. J. Graham Herding among investment newsletters: Theory and evidence Journal of Finance 54 1999 237-268
12. G. Hilary L. Menzly Does past success lead analysts to become overconfident? Unpublished working paper 2001 University of Chicago Chicago, IL
13. C. Holden S. Stuerke The frequency of financial analysts' forecast revisions: Theory and Evidence. Unpublished working paper 2000 Indiana University Bloomington, IN
14. B. Holmstrom Managerial incentive problems: A dynamic perspective Review of Economic Studies 66 1999 169-182
15. H. Hong J. Kubik Analyzing the analysts: Career concerns and biased earnings forecasts Journal of Finance 58 2003 313-350
16. H. Hong J. Kubik A. Solomon Security analysts' career concerns and herding of earnings forecasts Rand Journal of Economics 31 2000 121-144
17. P. Hu J. Kale A. Subramanian Learning and risk-taking by fund managers: theory and evidence. Unpublished working paper 2005 Georgia State University Atlanta, GA
18. A. Jackson Trade generation, reputation and sell-side analysts Journal of Finance 60 2005 673-717
19. O. Lamont Macroeconomic forecasts and microeconomic forecasters Journal of Economic Behavior and Organization 48 2002 265-280
20. A. Leone J. Wu What does it take to become a superstar? Evidence from institutional investor rankings of financial analysts. Unpublished working paper 2002 University of Rochester Rochester, NY
21. J. MacKinnon Bootstrap inference in econometrics Canadian Journal of Economics 35 2002 615-645
22. M. Mikhail B. Walther R. Willis Does forecast accuracy matter to security analysts? Accounting Review 74 1999 185-200
23. M. Mikhail B. Walther R. Willis The effect of experience on security snalyst underreaction Journal of Accounting and Economics 35 2003 101-116
24. R. Myerson Game Theory: Analysis of Conflict 1992 Harvard University Press Cambridge, MA
25. B. Oksendal Stochastic Differential Equations: An Introduction with Applications 2001 Springer Heidelberg, Germany
26. C. Prendergast L. Stole Impetuous youngsters and jaded oldtimers: acquiring a reputation for learning Journal of Political Economy 104 1996 1105-1134
27. D. Scharfstein J. Stein Herd behavior and investment American Economic Review 80 1990 465-479
28. L. Stole J. Zwiebel Intra-firm bargaining under non-binding contracts Review of Economic Studies 63 1996 375-410
29. B. Trueman Analyst forecasts and herding behavior Review of Financial Studies 71 1994 97-124
30. I. Welch Herding among security analysts Journal of Financial Economics 58 2000 369-396
31. J. Zwiebel Corporate conservatism and relative compensation Journal of Political Economy 103 1995 1-25