Security Analysts' Career Concerns and Herding of Earnings Forecasts

Several theories of reputation and herd behavior (e.g., Scharfstein and Stein (1990), and Zwiebel (1995)) suggest that herding among agents should vary with career concerns. Our goal is to document whether such a link exists in the labor market for security analysts. We find that inexperienced analy...

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Veröffentlicht in:	The Rand journal of economics 2000-04, Vol.31 (1), p.121-144
Hauptverfasser:	Hong, Harrison, Kubik, Jeffrey D., Solomon, Amit
Format:	Artikel
Sprache:	eng
Schlagworte:	Accuracy Agency theory Analytical estimating Analytical forecasting Brokerage houses Career development Careers Coefficients Earnings Economic analysis Economic behaviour Economic forecasts Economic models Economic theory Employment Evaluation Financial analysts Forecasts Forecasts and trends Herding Herds Job performance evaluation Labor market Labor markets Labour market Modeling Personnel management Probabilities Profit Securities Securities analysis Studies
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