Comportamenti imitativi tra gli analisti finanziari nel mercato finanziario italiano
We evaluate the herding phenomenon among analysts who produce reports on stocks listed at the Italian stock exchange. We apply a methodology similar to that employed in Welch (2000) for the US stock market. We show that analysts recommendations are affected by the consensus among the analysts or by the last recommendation. The phenomenon seems to be stronger than in the study by Welch (2000). It is difficult to disentangle the herding phenomenon and similar behavior because of homogeneous information. A closer look at the results suggests that analysts' behavior is compatible with herding theories.
Volume (Year): 95 (2005)
Issue (Month): 3 (May-June)
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