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    The behavioral basis of sell-side analysts’ herding

    Access Status
    Fulltext not available
    Authors
    Durand, Robert
    Limkriangkrai, M.
    Fung, L.
    Date
    2014
    Type
    Journal Article
    
    Metadata
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    Citation
    Durand, R. and Limkriangkrai, M. and Fung, L. 2014. The behavioral basis of sell-side analysts’ herding. Journal of Contemporary Accounting and Economics. 10 (3): pp. 176-190.
    Source Title
    Journal of Contemporary Accounting and Economics
    DOI
    10.1016/j.jcae.2014.08.001
    ISSN
    1815-5669
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/37768
    Collection
    • Curtin Research Publications
    Abstract

    Sell-side analysts move away from the prevailing consensus as their confidence increases. As their confidence falls, they herd toward the prevailing consensus. Confidence as well as the associated propensity to move away from the herd increase as firms become more difficult to analyze. This behavior is consistent with such analysts having lower meta-cognitive skills.

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