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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117559
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117559

    Title: Stock characteristics and herding in financial analyst recommendations
    Authors: 陳聖賢
    Lin, Wen-Yi
    Chen, Sheng-Syan
    Chen, Po-Jung
    Contributors: 財管系
    Date: 2011
    Issue Date: 2018-06-11 17:40:53 (UTC+8)
    Abstract: Most studies investigating the herding of financial analysts focused on the impact of analyst attributes on herding, while firm characteristics may also contribute significantly to herding. The primary objective of this study is to examine whether analyst recommendations prefer stocks with firm characteristics associated with future returns and demonstrate the so-called ‘characteristic herding’ behaviour. Thus, in this study, we incorporate within Welch's (2000) model those characteristics of firms relating to future returns; as a result, we find that ‘characteristic herding’ is discernible in the recommendations of financial analysts. This tendency towards herding in analyst recommendations increases with the firm size and book-to-price ratio of the stock. One of these two firm characteristics positively correlates with the future returns of stocks while the other displays a negative correlation. Consequently, the ‘characteristic herding’ of analysts is caused in part by recommendations made on account of stock fundamentals and in part by other reasons. This may dampen the impact of future returns on herding. It has also been observed that herding exists in the market regardless of bull market or bear market. No significant inferiority is reported in analyst performance with herding when compared to the performance without herding.
    Relation: Applied Financial Economics, Vol.21, No.5, pp.317-331
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1080/09603107.2010.528367
    DOI: 10.1080/09603107.2010.528367
    Appears in Collections:[財務管理學系] 期刊論文

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