[
Abarbanell, J., & Lehavy, R. (2003). Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts’ earnings forecasts. Journal of Accounting and Economics, 36(1–3), 105–146.
]Search in Google Scholar
[
Aharon, D. Y. (2021). Uncertainty, fear and herding behavior: Evidence from size-ranked portfolios. Journal of Behavioral Finance, 22(3), 320–337.
]Search in Google Scholar
[
Anderson, T., & Rubin, H. (1949). Estimation of the parameters of a single equation in a complete system of stochastic equations. Annals of Mathematical Statistics, 20(1), 46–63.
]Search in Google Scholar
[
Argenti, P. (2020, March 13). Communicating through the coronavirus crisis. Harvard Business Review.
]Search in Google Scholar
[
Bernhardt, D., Campello, M., & Kutsoati, E. (2006). Who herds? Journal of Financial Economics, 80(3), 657–675.
]Search in Google Scholar
[
Blake, D., Sarno, L., & Zinna, G. (2017). The market for lemmings: The herding behavior of pension funds. Journal of Financial Markets, 36(1), 17–39.
]Search in Google Scholar
[
Blasco, N., Corredor, P., & Ferrer, E. (2018). Analysts herding: When does sentiment matter? Applied Economics, 50(51), 5495–5509.
]Search in Google Scholar
[
Bradshaw, M., Brown, L., & Huang, K. (2013). Do sell-side analysts exhibit differential target price forecasting ability? Review of Accounting Studies, 18(4), 930–955.
]Search in Google Scholar
[
Bradshaw, M., Huang, A., & Tan, H. (2014). Analyst target price optimism around the world. Working Paper, Boston College.
]Search in Google Scholar
[
Brav, A., & Lehavy, R. (2003). An empirical analysis of analysts’ target prices: Short-term informativeness and long-term dynamics. Journal of Finance, 58(5), 1933–1967.
]Search in Google Scholar
[
Caparrelli, F., D’Arcangelis, A., & Cassuto, A. (2004). Herding in the Italian stock market: A case of behavioral finance. Journal of Behavioral Finance, 5(4), 222–230.
]Search in Google Scholar
[
Chang, E., Cheng, J., & Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking & Finance, 24(10), 1651–1679.
]Search in Google Scholar
[
Chen, Q., & Jiang, W. (2006). Analysts’ weighting of private and public information. Review of Financial Studies, 19(1), 319–355.
]Search in Google Scholar
[
Cheng, L., Su, Y., Yan, Z., & Zhao, Y. (2019). Corporate governance and target price accuracy. International Review of Financial Analysis, 64(1), 93–101.
]Search in Google Scholar
[
Choi, N., & Sias, R. (2009). Institutional industry herding. Journal of Financial Economics, 94(3), 469–491.
]Search in Google Scholar
[
Choi, N., & Skiba, H. (2015). Institutional herding in international markets. Journal of Banking & Finance, 55(1), 246–259.
]Search in Google Scholar
[
Chow, G. (1960). Tests of equality between sets of coefficients in two linear regressions. Econometrica: Journal of the Econometric Society, 28(3), 591–605.
]Search in Google Scholar
[
Christie, W., & Huang, R. (1995). Following the pied piper: Do individual returns herd around the market? Financial Analysts Journal, 51(4), 31–37.
]Search in Google Scholar
[
Clement, M. B., & Tse, S. Y. (2003). Do investors respond to analysts’ forecast revisions as if forecast accuracy is all that matters?. The Accounting Review, 78(1), 227–249.
]Search in Google Scholar
[
Clement, M., & Tse, S. (2005). Financial analyst characteristics and herding behavior in forecasting. Journal of Finance, 60(1), 307–341.
]Search in Google Scholar
[
Collins, J. & Porras, J. (1996). Building your company’s vision. Harvard Business Review, 74(5), 65–77.
]Search in Google Scholar
[
Cote, J., & Goodstein, J. (1999). A breed apart? Security analysts and herding behavior. Journal of Business Ethics, 18(3), 305–314.
]Search in Google Scholar
[
De Bondt, W., & Forbes, W. (1999). Herding in analyst earnings forecasts: Evidence from the United Kingdom. European Financial Management, 5(2), 143–163.
]Search in Google Scholar
[
Doukas, J., Kim, C., & Pantzalis, C. (2005). The two faces of analyst coverage. Financial Management, 34(2), 99–125.
]Search in Google Scholar
[
Drehmann, M., Oechssler, J., & Roider, A. (2005). Herding and contrarian behavior in financial markets: An internet experiment. American Economic Review, 95(5), 1403–1426.
]Search in Google Scholar
[
Fama, E., & French, K. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22.
]Search in Google Scholar
[
Fama, E., & French, K. (2018). Choosing factors. Journal of Financial Economics, 128(2), 234–252.
]Search in Google Scholar
[
Feldman, R., Livnat, J., & Zhang, Y. (2012). Analysts’ earnings forecast, recommendation, and target price revisions. Journal of Portfolio Management, 38(3), 120–132.
]Search in Google Scholar
[
Frazzini, A., & Pedersen, L. (2014). Betting against beta. Journal of Financial Economics, 111(1), 1–25.
]Search in Google Scholar
[
Friesen, G., & Weller, P. A. (2006). Quantifying cognitive biases in analyst earnings forecasts. Journal of Financial Markets, 9(4), 333–365.
]Search in Google Scholar
[
Frijns, B., & Huynh, T. (2018). Herding in analysts’ recommendations: The role of media. Journal of Banking & Finance, 91(1), 1–18.
]Search in Google Scholar
[
Galariotis, E., Rong, W., & Spyrou, S. (2015). Herding on fundamental information: A comparative study. Journal of Banking & Finance, 50(1), 589–598.
]Search in Google Scholar
[
Graham, J. (1999). Herding among investment newsletters: Theory and evidence. Journal of Finance, 54(1), 237–268.
]Search in Google Scholar
[
Guo, J., Holmes, P., & Altanlar, A. (2020). Is herding spurious or intentional? Evidence from analyst recommendation revisions and sentiment. International Review of Financial Analysis, 71(1), 101539.
]Search in Google Scholar
[
Han, C., Kang, J., & Kim, S. (2021). Betting against analyst target price. Journal of Financial Markets, 59, 100677.
]Search in Google Scholar
[
Hong, H., & Kacperczyk, M. (2010). Competition and bias. The Quarterly Journal of Economics, 125(4), 1683–1725.
]Search in Google Scholar
[
Huang, J., Mian, G., & Sankaraguruswamy, S. (2009). The value of combining the information content of analyst recommendations and target prices. Journal of Financial Markets, 12(4), 754–777.
]Search in Google Scholar
[
Hwang, S., & Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4), 585–616.
]Search in Google Scholar
[
Imam, S., Chan, J., & Shah, S. (2013). Equity valuation models and target price accuracy in Europe: Evidence from equity reports. International Review of Financial Analysis, 28(1), 9–19.
]Search in Google Scholar
[
Ishigami, S., & Takeda, F. (2018). Market reactions to stock rating and target price changes in analyst reports: Evidence from Japan. Journal of International Financial Markets, Institutions and Money, 52(1), 134–151.
]Search in Google Scholar
[
James, C., & Karceski, J. (2006). Strength of analyst coverage following IPOs. Journal of Financial Economics, 82(1), 1–34.
]Search in Google Scholar
[
JPMorgan (1997). CreditMetrics – technical document. JPMorgan.
]Search in Google Scholar
[
Kałdoński, M., & Jewartowski, T. (2017). Agency costs of overvalued equity and earnings management in companies listed on WSE. Economics and Business Review, 3(1), 7–37.
]Search in Google Scholar
[
Kim, C., & Pantzalis, C. (2003). Global/industrial diversification and analyst herding. Financial Analysts Journal, 59(2), 69–79.
]Search in Google Scholar
[
Koenker, R., & Bassett, G. (1978). Regression quantiles. Econometrica: Journal of the Econometric Society, 46(1), 33–50.
]Search in Google Scholar
[
Kremer, S., & Nautz, D. (2013). Causes and consequences of short-term institutional herding. Journal of Banking & Finance, 37(5), 1676–1686.
]Search in Google Scholar
[
Lee, J., & Lee, J. (2015). Analyst herding behavior and analyst affiliation: Evidence from business groups. Journal of Behavioral Finance, 16(4), 373–386.
]Search in Google Scholar
[
Lin, M. (2018). The impact of aggregate uncertainty on herding in analysts’ stock recommendations. International Review of Financial Analysis, 57(1), 90–105.
]Search in Google Scholar
[
Lin, S., Tan, H., & Zhang, Z. (2016). When analysts talk, do institutional investors listen? Evidence from target price changes. Financial Review, 51(2), 191–223.
]Search in Google Scholar
[
Loang, O. K., & Ahmad, Z. (2021). Does volatility mediate the impact of analyst recommendations on herding in Malaysian stock market?. Economics and Business Review, 7(4), 54–71.
]Search in Google Scholar
[
Nakamura, A., & Nakamura, M. (1981). On the relationships among several specification error tests presented by Durbin, Wu, and Hausman. Econometrica: Journal of the Econometric Society, 49(6), 1583–1588.
]Search in Google Scholar
[
Nofsinger, J., & Sias, R. (1999). Herding and feedback trading by institutional and individual investors. Journal of Finance, 54(6), 2263–2295.
]Search in Google Scholar
[
O’Brien, P. (1988). Analysts’ forecasts as earnings expectations. Journal of Accounting and Economics, 10(1), 53–83.
]Search in Google Scholar
[
O’Brien, P., & Bhushan, R. (1990). Analyst following and institutional ownership. Journal of Accounting Research, 28(1), 55–76.
]Search in Google Scholar
[
Olsen, R. (1996). Implications of herding behavior for earnings estimation, risk assessment, and stock returns. Financial Analysts Journal, 52(4), 37–41.
]Search in Google Scholar
[
Roger, T., Roger, P., & Schatt, A. (2018). Behavioral bias in number processing: Evidence from analysts’ expectations. Journal of Economic Behavior & Organization, 149(1), 315–331.
]Search in Google Scholar
[
Roider, A., & Voskort, A. (2016). Reputational herding in financial markets: A laboratory experiment. Journal of Behavioral Finance, 17(3), 244–266.
]Search in Google Scholar
[
Scharfstein, D., & Stein, J. (1990). Herd behavior and investment. American Economic Review, 80(3), 465–479.
]Search in Google Scholar
[
Shanaev, S., & Ghimire, B. (2021). Efficient scholars: Academic attention and the disappearance of anomalies. The European Journal of Finance, 27(3), 278–304.
]Search in Google Scholar
[
Sias, R. (2004). Institutional herding. Review of Financial Studies, 17(1), 165–206.
]Search in Google Scholar
[
Trueman, B. (1994). Analyst forecasts and herding behavior. Review of Financial Studies, 7(1), 97–124.
]Search in Google Scholar
[
Vidal-Tomas, D., Ibanez, A., & Farinos, J. (2019). Herding in the cryptocurrency market: CSSD and CSAD approaches. Finance Research Letters, 30(1), 181–186.
]Search in Google Scholar
[
Wang, Z., Sun, L., & Wei, K. (2020). Does competition induce analyst effort? Evidence from a natural experiment of broker mergers. Journal of Banking & Finance, 119(1), 105914.
]Search in Google Scholar
[
Welch, I. (2000). Herding among security analysts. Journal of Financial Economics, 58(3), 369–396.
]Search in Google Scholar
[
Wheeler, F. P., Neale, B., Kowalski, T., & Letza, S. R. (2002). The efficiency of the Warsaw Stock Exchange: The first few years 1991–1996. Economics and Business Review, 2(2), 37–58.
]Search in Google Scholar
[
Young, A. (2019). Consistency without inference: Instrumental variables in practical application. London School of Economics.
]Search in Google Scholar