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Citations for "Security Analysts' Career Concerns and Herding of Earnings Forecasts"

by Harrison Hong & Jeffrey D. Kubik & Amit Solomon

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  1. Bizer, Kilian & Meub, Lukas & Proeger, Till & Spiwoks, Markus, 2014. "Strategic coordination in forecasting: An experimental study," Center for European, Governance and Economic Development Research Discussion Papers 195, University of Goettingen, Department of Economics.
  2. Desmond Lam & Bernadete Ozorio, 2013. "The effect of prior outcomes on gender risk-taking differences," Journal of Risk Research, Taylor & Francis Journals, vol. 16(7), pages 791-802, August.
  3. Gupta-Mukherjee, Swasti, 2013. "When active fund managers deviate from their peers: Implications for fund performance," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1286-1305.
  4. Marinovic, Iván & Ottaviani, Marco & Sorensen, Peter, 2013. "Forecasters’ Objectives and Strategies," Handbook of Economic Forecasting, Elsevier.
  5. Marco Ottaviani & Peter Norman Sørensen, 2004. "The Strategy of Professional Forecasting," FRU Working Papers 2004/05, University of Copenhagen. Department of Economics. Finance Research Unit.
  6. James Shilling & C. Sirmans & Barrett Slade, 2013. "Who Says there is a High Consensus Among Analysts when Market Uncertainty is High? Some New Evidence from the Commercial Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 47(4), pages 688-718, November.
  7. Peter Sorensen & Marco Ottaviani, 2000. "Herd Behavior and Investment: Comment," American Economic Review, American Economic Association, vol. 90(3), pages 695-704, June.
  8. Grant, Andrew & Jarnecic, Elvis & Su, Mark, 2015. "Asymmetric effects of sell-side analyst optimism and broker market share by clientele," Journal of Financial Markets, Elsevier, vol. 24(C), pages 49-65.
  9. Jeremy C. Stein, 2001. "Agency, Information and Corporate Investment," NBER Working Papers 8342, National Bureau of Economic Research, Inc.
  10. Hirshleifer, David & Teoh, Siew Hong, 2001. "Herd Behavior and Cascading in Capital Markets: A Review and Synthesis," MPRA Paper 5186, University Library of Munich, Germany.
  11. Ottaviani, Marco & Sorensen, Peter Norman, 2006. "Professional advice," Journal of Economic Theory, Elsevier, vol. 126(1), pages 120-142, January.
  12. Menkhoff, Lukas, 2010. "The use of technical analysis by fund managers: International evidence," Journal of Banking & Finance, Elsevier, vol. 34(11), pages 2573-2586, November.
  13. François Degeorge, 2005. "Vers une analyse financière indépendante ?," Revue d'Économie Financière, Programme National Persée, vol. 79(2), pages 221-227.
  14. Marco Ottaviani & Peter Norman Sorensen, 2002. "Professional Advice: The Theory of Reputational Cheap Talk," Discussion Papers 02-05, University of Copenhagen. Department of Economics.
  15. Miklós-Thal, Jeanine & Ullrich, Hannes, 2009. "Nomination contests: theory and empirical evidence from professional soccer," ZEW Discussion Papers 09-027, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  16. April Knill & Kristina Minnick & Ali Nejadmalayeri, 2006. "Selective Hedging, Information Asymmetry, and Futures Prices," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1475-1502, May.
  17. Dan Bernhardt & Murillo Campbello & Edward Kutsoati, 2002. "Who Herds?," Discussion Papers Series, Department of Economics, Tufts University 0213, Department of Economics, Tufts University.
  18. Li, Dan & Li, Geng, 2014. "Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume," Finance and Economics Discussion Series 2014-35, Board of Governors of the Federal Reserve System (U.S.).
  19. Zitzewitz, Eric, 2001. "Measuring Herding and Exaggeration by Equity Analysts and Other Opinion Sellers," Research Papers 1802, Stanford University, Graduate School of Business.
  20. Xu, Nianhang & Jiang, Xuanyu & Chan, Kam C. & Yi, Zhihong, 2013. "Analyst coverage, optimism, and stock price crash risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 217-239.
  21. Bonner, Sarah E. & Sprinkle, Geoffrey B., 2002. "The effects of monetary incentives on effort and task performance: theories, evidence, and a framework for research," Accounting, Organizations and Society, Elsevier, vol. 27(4-5), pages 303-345.
  22. Lauren Cohen & Andrea Frazzini & Christopher Malloy, 2010. "Sell-Side School Ties," Journal of Finance, American Finance Association, vol. 65(4), pages 1409-1437, 08.
  23. Boðaçhan Çelen & Shachar Kariv & Andrew Schotter, 2006. "An Experimental Test of Advice and Social Learning," Levine's Bibliography 784828000000000272, UCLA Department of Economics.
  24. Ippei Fujiwara & Hibiki Ichiue & Yoshiyuki Nakazono & Yosuke Shigemi, 2012. "Financial Markets Forecasts Revisited: Are they Rational, Herding or Bold?," IMES Discussion Paper Series 12-E-06, Institute for Monetary and Economic Studies, Bank of Japan.
  25. Ergungor, Ozgur E. & Madureira, Leonardo & Nayar, Nandkumar & Singh, Ajai K., 2015. "Lending relationships and analysts’ forecasts," Journal of Financial Intermediation, Elsevier, vol. 24(1), pages 71-88.
  26. Hélène Rainelli-Le Montagner, 2008. "Finance d'entreprise:voix nouvelles et nouvelles voies," Revue Finance Contrôle Stratégie, revues.org, vol. 11(Special), pages 291-313, June.
  27. Andreas Roider & Andrea Voskort, 2015. "Reputational Herding in Financial Markets: A Laboratory Experiment," CESifo Working Paper Series 5162, CESifo Group Munich.
  28. Lima, Luiz Renato Regis de Oliveira & Issler, João Victor, 2008. "A panel data approach to economic forecasting: the bias-corrected average forecast," Economics Working Papers (Ensaios Economicos da EPGE) 668, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  29. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
  30. Arya, Anil & Mittendorf, Brian, 2007. "The interaction among disclosure, competition between firms, and analyst following," Journal of Accounting and Economics, Elsevier, vol. 43(2-3), pages 321-339, July.
  31. Carole Gresse & Laurence Porteu de la Morandière, 2015. "Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous," Working Papers 01, Groupe ESC Pau, Research Department, revised Jan 2015.
  32. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany.
  33. Olivier Guedj & Jean-Philippe Bouchaud, 2004. "Experts' earning forecasts: bias, herding and gossamer information," Science & Finance (CFM) working paper archive 500062, Science & Finance, Capital Fund Management.
  34. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
  35. Chen, Xuanjuan & Yao, Tong & Yu, Tong & Zhang, Ting, 2014. "Learning and incentive: A study on analyst response to pension underfunding," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 26-42.
  36. Gergaud, Olivier & Smeets, Valérie & Warzynski, Frédéric, 2010. "Stars War in French Gastronomy: Prestige of Restaurants and Chefs’ Careers," MPRA Paper 21045, University Library of Munich, Germany, revised Feb 2010.
  37. Ramos Francia Manuel & García-Verdú Santiago, 2015. "Is Trouble Brewing for EMEs?," Working Papers 2015-08, Banco de México.
  38. Wu, Joanna Shuang & Zang, Amy Y., 2009. "What determine financial analysts' career outcomes during mergers?," Journal of Accounting and Economics, Elsevier, vol. 47(1-2), pages 59-86, March.
  39. Jerker Denrell & Christina Fang, 2010. "Predicting the Next Big Thing: Success as a Signal of Poor Judgment," Management Science, INFORMS, vol. 56(10), pages 1653-1667, October.
  40. AltInkIlIç, Oya & Hansen, Robert S., 2009. "On the information role of stock recommendation revisions," Journal of Accounting and Economics, Elsevier, vol. 48(1), pages 17-36, October.
  41. Palomino, F.A. & Renneboog, L.D.R. & Zhang, C., 2005. "Stock Price Reactions to Short-Lived Public Information : The Case of Betting Odds," Discussion Paper 2005-016, Tilburg University, Tilburg Law and Economic Center.
  42. Ljungqvist, Alexander P. & Marston, Felicia & Wilhelm Jr, William J, 2003. "Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations," CEPR Discussion Papers 4162, C.E.P.R. Discussion Papers.
  43. Brozynski, Torsten & Menkhoff, Lukas & Schmidt, Ulrich, 2004. "The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence," Hannover Economic Papers (HEP) dp-292, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  44. Frey, Stefan & Herbst, Patrick & Walter, Andreas, 2014. "Measuring mutual fund herding – A structural approach," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 32(C), pages 219-239.
  45. Jeremy C. Stein & David S. Scharfstein, 2000. "Herd Behavior and Investment: Reply," American Economic Review, American Economic Association, vol. 90(3), pages 705-706, June.
  46. Palomino, Frederic & Renneboog, Luc & Zhang, Chendi, 2009. "Information salience, investor sentiment, and stock returns: The case of British soccer betting," Journal of Corporate Finance, Elsevier, vol. 15(3), pages 368-387, June.
  47. Ciccone, Stephen J., 2005. "Trends in analyst earnings forecast properties," International Review of Financial Analysis, Elsevier, vol. 14(1), pages 1-22.
  48. Beckmann, Daniela & Menkhoff, Lukas & Suto, Megumi, 2007. "Does Culture Influence Asset Managers? Views and Behavior?," Hannover Economic Papers (HEP) dp-367, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  49. Michailova, Julija, 2010. "Overconfidence, risk aversion and (economic) behavior of individual traders in experimental asset markets," MPRA Paper 26390, University Library of Munich, Germany.
  50. Pandit, Shailendra & Willis, Richard H. & Zhou, Ling, 2012. "Security analysts, cash flow forecasts, and turnover," International Journal of Forecasting, Elsevier, vol. 28(4), pages 874-890.
  51. Cline, Brandon N. & Yore, Adam S., 2016. "Silverback CEOs: Age, experience, and firm value," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 169-188.
  52. Walter Boudry & Jarl Kallberg & Crocker Liu, 2011. "Analyst Behavior and Underwriter Choice," The Journal of Real Estate Finance and Economics, Springer, vol. 43(1), pages 5-38, July.
  53. Serfling, Matthew A., 2014. "CEO age and the riskiness of corporate policies," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 251-273.
  54. Cornaggia, Jess & Cornaggia, Kimberly J. & Xia, Han, 2016. "Revolving doors on Wall Street," Journal of Financial Economics, Elsevier, vol. 120(2), pages 400-419.
  55. Ljungqvist, Alexander & Marston, Felicia & Starks, Laura T. & Wei, Kelsey D. & Yan, Hong, 2007. "Conflicts of interest in sell-side research and the moderating role of institutional investors," Journal of Financial Economics, Elsevier, vol. 85(2), pages 420-456, August.
  56. Lamont, Owen A., 2002. "Macroeconomic forecasts and microeconomic forecasters," Journal of Economic Behavior & Organization, Elsevier, vol. 48(3), pages 265-280, July.
  57. Kim, Yongtae & Lobo, Gerald J. & Song, Minsup, 2011. "Analyst characteristics, timing of forecast revisions, and analyst forecasting ability," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2158-2168, August.
  58. Beatriz Mariano, 2008. "Do Reputational Concerns Lead to Reliable Ratings?," FMG Discussion Papers dp613, Financial Markets Group.
  59. Bae, Kee-Hong & Stulz, René M. & Tan, Hongping, 2008. "Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts," Journal of Financial Economics, Elsevier, vol. 88(3), pages 581-606, June.
  60. Robin Greenwood & Stefan Nagel, 2008. "Inexperienced Investors and Bubbles," NBER Working Papers 14111, National Bureau of Economic Research, Inc.
  61. Martinez, Jose Vicente, 2007. "Information Misweighting and Stock Recommendations," SIFR Research Report Series 59, Institute for Financial Research.
  62. Diks, Cees & van der Weide, Roy, 2005. "Herding, a-synchronous updating and heterogeneity in memory in a CBS," Journal of Economic Dynamics and Control, Elsevier, vol. 29(4), pages 741-763, April.
  63. Yim, Soojin, 2013. "The acquisitiveness of youth: CEO age and acquisition behavior," Journal of Financial Economics, Elsevier, vol. 108(1), pages 250-273.
  64. Iatridis, George Emmanuel, 2016. "Financial reporting language in financial statements: Does pessimism restrict the potential for managerial opportunism?," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 1-17.
  65. Tan, Lin & Chiang, Thomas C. & Mason, Joseph R. & Nelling, Edward, 2008. "Herding behavior in Chinese stock markets: An examination of A and B shares," Pacific-Basin Finance Journal, Elsevier, vol. 16(1-2), pages 61-77, January.
  66. Gilles Hilary & Lior Menzly, 2006. "Does past success lead analysts to become overconfident?," Post-Print hal-00482318, HAL.
  67. S. Ravid & John Wald & Suman Basuroy, 2006. "Distributors and film critics: does it take two to Tango?," Journal of Cultural Economics, Springer, vol. 30(3), pages 201-218, December.
  68. Aiolfi, Marco & Rodriguez, Marius & Timmermann, Allan G, 2010. "Understanding Analysts' Earnings Expectations: Biases, Nonlinearities and Predictability," CEPR Discussion Papers 7656, C.E.P.R. Discussion Papers.
  69. Coupé, Tom & Smeets, Valérie & Warzynski, Frédéric, 2003. "Incentives, Sorting and Productivity along the Career: Evidence from a Sample of Top Economists," Working Papers 03-16, University of Aarhus, Aarhus School of Business, Department of Economics.
  70. Chiang, Thomas C. & Li, Jiandong & Tan, Lin, 2010. "Empirical investigation of herding behavior in Chinese stock markets: Evidence from quantile regression analysis," Global Finance Journal, Elsevier, vol. 21(1), pages 111-124.
  71. Loh, Roger K. & Mian, G. Mujtaba, 2006. "Do accurate earnings forecasts facilitate superior investment recommendations?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 455-483, May.
  72. repec:dau:papers:123456789/15217 is not listed on IDEAS
  73. Leppin, Julian Sebstian, 2014. "The Relation Between Overreaction in Forecasts and Uncertainty: A Nonlinear Approach," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100284, Verein für Socialpolitik / German Economic Association.
  74. Rangvid, Jesper & Schmeling, Maik & Schrimpf, Andreas, 2009. "Higher-order beliefs among professional stock market forecasters: some first empirical tests," ZEW Discussion Papers 09-042, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  75. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2003. "The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers," NBER Working Papers 9711, National Bureau of Economic Research, Inc.
  76. Hannes Ullrich, 2014. "Leistungsanreize in Unternehmen," DIW Roundup: Politik im Fokus 32, DIW Berlin, German Institute for Economic Research.
  77. Loh, Roger & Mian, G. Mujtaba, 2005. "Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations?," Working Paper Series 2004-17, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  78. Chang, Charles, 2010. "Information footholds: Isolating local presence as a factor in analyst performance and trading," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 1094-1107, October.
  79. Joseph Chen & Harrison Hong & Ming Huang & Jeffrey D. Kubik, 2004. "Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization," American Economic Review, American Economic Association, vol. 94(5), pages 1276-1302, December.
  80. O. Emre Ergungor & Leonardo Madureira & Nandkumar Nayar & Ajai K. Singh, 2011. "Banking relationships and sell-side research," Working Paper 1114, Federal Reserve Bank of Cleveland.
  81. OZERTURK, Saltuk, 2005. "Stock recommendation of an analyst who trades on own account," CORE Discussion Papers 2005089, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  82. Manuel Ramos-Francia & Santiago García-Verdú, 2015. "Is trouble brewing for EMEs?," BIS Papers chapters, in: Bank for International Settlements (ed.), What do new forms of finance mean for EM central banks?, volume 83, pages 243-272 Bank for International Settlements.
  83. Chen, Mark A. & Marquez, Robert, 2009. "Regulating securities analysts," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 259-283, April.
  84. Li, Xiaoyang & Low, Angie & Makhija, Anil K., 2011. "Career Concerns and the Busy Life of the Young CEO," Working Paper Series 2011-4, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  85. Wolfgang R. Köhler, 2004. "Optimal Incentive Contracts for Experts," Bonn Econ Discussion Papers bgse6_2004, University of Bonn, Germany.
  86. Gabbioneta, Claudia & Greenwood, Royston & Mazzola, Pietro & Minoja, Mario, 2013. "The influence of the institutional context on corporate illegality," Accounting, Organizations and Society, Elsevier, vol. 38(6), pages 484-504.
  87. Clarke, Jonathan & Subramanian, Ajay, 2006. "Dynamic forecasting behavior by analysts: Theory and evidence," Journal of Financial Economics, Elsevier, vol. 80(1), pages 81-113, April.
  88. Higgins, Huong, 2013. "Can securities analysts forecast intangible firms’ earnings?," International Journal of Forecasting, Elsevier, vol. 29(1), pages 155-174.
  89. Bolliger, Guido, 2004. "The characteristics of individual analysts' forecasts in Europe," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2283-2309, September.
  90. Meub, Lukas & Proeger, Till & Bizer, Kilian & Spiwoks, Markus, 2015. "Strategic coordination in forecasting – An experimental study," Finance Research Letters, Elsevier, vol. 13(C), pages 155-162.
  91. Leppin, Julian Sebastian, 2014. "The relation between overreaction in forecasts and uncertainty: A nonlinear approachvon," HWWI Research Papers 158, Hamburg Institute of International Economics (HWWI).
  92. Ching-mann Huang & Len-kuo Hu & Hsin-Hong Kang, 2005. "Compensation Design and Career Concerns of Fund Manager," Review of Quantitative Finance and Accounting, Springer, vol. 24(4), pages 379-397, June.
  93. Vijh, Anand M. & Yang, Ke, 2013. "Are small firms less vulnerable to overpriced stock offers?," Journal of Financial Economics, Elsevier, vol. 110(1), pages 61-86.
  94. Daniel Stone & Basit Zafar, 2014. "Do we follow others when we should outside the lab? Evidence from the AP top 25," Journal of Risk and Uncertainty, Springer, vol. 49(1), pages 73-102, August.
  95. Boyson, Nicole M., 2010. "Implicit incentives and reputational herding by hedge fund managers," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 283-299, June.
  96. Villatoro, Félix, 2009. "The delegated portfolio management problem: Reputation and herding," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2062-2069, November.
  97. Zhao, Zheng & Zhang, YongJie & Feng, Xu & Zhang, Wei, 2014. "An analysis of herding behavior in security analysts’ networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 413(C), pages 116-124.
  98. Fang, Lily & Ivashina, Victoria & Lerner, Josh, 2015. "The disintermediation of financial markets: Direct investing in private equity," Journal of Financial Economics, Elsevier, vol. 116(1), pages 160-178.
  99. Dan Li & Geng Li, 2011. "Belief dispersion among household investors and stock trading volume," Finance and Economics Discussion Series 2011-39, Board of Governors of the Federal Reserve System (U.S.).
  100. Omar Masood & Bora Aktan & Sahil Chaudhary, 2009. "The investment decision-making process from a risk manager's perspective: a survey," Qualitative Research in Financial Markets, Emerald Group Publishing, vol. 1(2), pages 106-120, June.
  101. Mariano, Beatriz, 2012. "Market power and reputational concerns in the ratings industry," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1616-1626.
  102. Kaustia, Markku & Rantala, Ville, 2015. "Social learning and corporate peer effects," Journal of Financial Economics, Elsevier, vol. 117(3), pages 653-669.
  103. Clarke, Jonathan & Khorana, Ajay & Patel, Ajay & Rau, P. Raghavendra, 2007. "The impact of all-star analyst job changes on their coverage choices and investment banking deal flow," Journal of Financial Economics, Elsevier, vol. 84(3), pages 713-737, June.
  104. Fujiwara, Ippei & Ichiue, Hibiki & Nakazono, Yoshiyuki & Shigemi, Yosuke, 2013. "Financial markets forecasts revisited: Are they rational, stubborn or jumpy?," Economics Letters, Elsevier, vol. 118(3), pages 526-530.
  105. Citci, Haluk & Inci, Eren, 2012. "The Masquerade Ball of the CEOs and the Mask of Excessive Risk," MPRA Paper 35979, University Library of Munich, Germany.
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