Analyst herding-whether, why, and when? Two new tests for herding detection in target forecast prices.
(2023)
Journal Article
REVELEY, C., SHANAEV, S., BIN, Y., PANTA, H. and GHIMIRE, B. 2023. Analyst herding-whether, why, and when? Two new tests for herding detection in target forecast prices. Economics and business review [online], 9(4), pages 25-55. Available from: https://doi.org/10.18559/ebr.2023.4.892
This study proposes two novel tests for security analyst herding based on binomial correlation and forecast error volatility scaling and applies it to investigate herding patterns in analyst target prices in 2008-2020 in the UK. Analysts robustly her... Read More about Analyst herding-whether, why, and when? Two new tests for herding detection in target forecast prices..