Weitere Artikel dieser Ausgabe durch Wischen aufrufen
The primary aim of this study is to carry out an investigation into the effects of analysts’ herding on different types of traders in Taiwan stock market. Our empirical results reveal that smaller traders are more readily affected by analyst herding, essentially as a result of their lack of experience and their lack of access to relevant information sources, which leads to them reacting directly to the central point of the recommendations made by the analysts. Our findings also reveal that both small and large traders are affected by analyst herding in the recommendations provided by the analysts relating specifically to buying. As for the evidence on analyst herding in recommendations relating to selling, larger traders are invariably found to have made use of their informational advantages to act in advance of such recommendations.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Abarbanell, J. S., & Bernard, V. L. (1992). Tests of analysts’ overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. Journal of Finance, 47, 1181–1207. CrossRef
Asthana, S., Balsam, S. & Sankaraguruswamy, S. (2004). Differential response of small versus large investors to 10-K fillings on EDGAR.The Accounting Review, 79, 571–589.
Avery, C., & Chevalier, J. (1999). Identifying investor sentiment from price paths: The case of football betting. Journal of Business, 72, 493–521. CrossRef
Banz, R. W. (1981). The relationship between returns and market value of common stocks. Journal of Financial Economics, 9, 3–18. CrossRef
Barber, B., Lehavy, R., McNichols, M., & Trueman, B. (2001). Can investors profit from the prophets? Security analyst recommendations and stock returns. The Journal of Finance, 56, 531–563. CrossRef
Barber, B. M., & Loeffler, D. (1993). The “dartboard” column: Second-hand information and price pressure. Journal of Financial and Quantitative Analysis, 28, 273–284. CrossRef
Battalio, R. H., & Mendenhall, R. R. (2005). Earnings expectations, investor trade size and anomalous returns around earnings announcements. Journal of Financial Economics, 77, 289–319. CrossRef
Bhattacharya, N. (2001). Investors’ trade size and trading responses around earnings announcements: An empirical investigation. Accounting Review, 76, 221–244. CrossRef
Bhattacharya, N., Black, E., Christensen, T., & Mergenthaler, R. (2004a). Who trades on pro forma earnings information? An intraday investigation of investor trading responses around pro forma release dates. Working paper. University of Utah.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2004b). Empirical evidence on recent trends in pro forma reporting. Accounting Horizons, 18, 27–43.
Chakravarty, S. (2001). Stealth trading: Which traders’ trades move stock prices? Journal of Financial Economics, 61, 289–307. CrossRef
Chih, H. H., & Shiao, C. I. (2005). The information content of stock recommendations: Comparing domestic and foreign security firms. Review of Financial Risk Management, 1, 27–45.
Christie, W. G., & Huang, R. D. (1995). Following the pied piper: Do individual returns herd around the market? Financial Analysts Journal, 51, 31–37. CrossRef
Clement, M. B. (1999). Analyst forecast accuracy: Do ability, resources and portfolio complexity matter? Journal of Accounting and Economics, 27, 285–303. CrossRef
Clement, M. B., & Tse, S. Y. (2005). Financial analyst characteristics and herding behavior in forecasting. Journal of Finance, 60, 307–341. CrossRef
Cowen, A., Groysberg, B., & Healy, P. (2006). Which types of analyst firms are more optimistic? Journal of Accounting and Economics, 41, 119–146. CrossRef
Effinger, M. R., & Polborn, M. K. (2001). Herding and anti-herding: A model of reputational differentiation. European Economic Review, 45, 385–403.
Graham, J. R. (1999). Herding among investment newsletters: Theory and evidence. Journal of Finance, 54, 237–268. CrossRef
Jacob, J., Lys, T. Z., & Neale, M. A. (1999). Expertise in the forecasting performance of security analysts. Journal of Accounting and Economics, 28, 51–82. CrossRef
Jegadeesh, N., Kim, J., Krische, S. D., & Lee, C. M. C. (2004). Analyzing the analysts: When do recommendations add value? Journal of Finance, 59, 1083–1124. CrossRef
Jegadeesh, N., & Titman, S. (1993). Returns to buying winners and selling losers: Implications for stock market efficiency. Journal of Finance, 48, 65–91. CrossRef
Kempf, A., Ruenzi, S., & Thiele, T. (2009). Employment risk, compensation incentives, and managerial risk taking: Evidence from the mutual fund industry. Journal of Financial Economics, 92, 92–108. CrossRef
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992). The impact of institutional trading on stock prices. Journal of Financial Economics, 32, 23–43. CrossRef
Lee, C. M. C. (1992a). Earnings news and small traders: An intraday analysis. Journal of Accounting and Economics, 15, 265–302.
Lee, R. D. (1992b). Stochastic demographic forecasting. International Journal of Forecasting, 8, 315–327.
Lee, C. M. C., & Radhakrishna, B. (2000). Inferring investor behavior: Evidence from TORQ data. Journal of Financial Markets, 3, 83–111. CrossRef
Lee, C. M. C., & Ready, M. J. (1991). Inferring trade direction from intraday data. Journal of Finance, 46, 733–746. CrossRef
Lee, C. M. C., & Swaminathan, B. (2000). Price momentum and trading volume. Journal of Finance, 55, 2017–2070. CrossRef
Lin, H. W., & McNichols, M. F. (1998). Underwriting relationships, analysts’ earnings forecasts and investment recommendations. Journal of Accounting & Economics, 25, 101–127. CrossRef
Michaely, R., & Womack, K. L. (1999). Conflict of interest and the credibility of underwriter analyst recommendations. The Review of Financial Studies, 12, 653–686. CrossRef
Mikhail, M. B., Walther, B. R., & Willis, R. H. (2007). When security analysts talk, who listens? Accounting Review, 82, 1227–1253. CrossRef
Ozerturk, S. (2007). Stock recommendation of an analyst who trades on own account. Rand Journal of Economics, 38, 768–785. CrossRef
Prendergast, C., & Stole, L. (1996). Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning. Journal of Political Economy, 104, 1105–1134. CrossRef
Reinganum, M. R. (1981). Misspecification of capital asset pricing: Empirical anomalies based on earnings’ yield and market values. Journal of Financial Economics, 9, 19–46. CrossRef
Scharfstein, D. S., & Stein, J. C. (1990). Herd behavior and investment. American Economic Review, 80, 465–479.
Shanthikumar, D. (2005). Small trader reactions to consecutive earnings surprises: A market test of behavioral theory. Working paper Paul Merage School of Business, University of California, Irvine.
Stickel, S. E. (1999). Analyst incentives and the financial characteristics of Wall Street darlings and dogs. La Salle University working paper, April.
Teh, L., & De Bondt, W. F. M. (1997). Herding behavior and stock returns: An exploratory investigation. Swiss Journal of Economics and Statistics, 133, 293–324.
Trueman, B. (1994). Analyst forecasts and herding behavior. Review of Financial Studies, 7, 97–124. CrossRef
Walther, B. R. (1997). Investor sophistication and market earnings expectations. Journal of Accounting Research, 35, 157–179. CrossRef
Welch, I. (2000). Herding among security analysts. Journal of Financial Economics, 58, 369–396. CrossRef
Wermers, R. (1999). Mutual fund herding and the impact on stock prices. Journal of Finance, 54, 581–622. CrossRef
Womack, K. (1996). Do brokerage analysts’ recommendations have investment value? Journal of Finance, 51, 137–167. CrossRef
Yu, C. H., & Hung, B. S. (2006). Analysts earnings forecasts. Firm Attributes, Preferences and Market Response to Earnings Forecast Revision, Review of Securities and Futures Markets, 18, 41–77.
Zwiebel, J. (1995). Corporate conservatism and relative compensation. Journal of Political Economy, 103, 1–25. CrossRef
- The Effects of Analysts’ Herding on Traders: Evidence from the Taiwan Stock Market
- Springer Japan
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq