Determinants of Herding Behavior among Financial Analysts: A Study of French Listed Firms
- Mouna Youssef
- Mohamed Taher Rajhi
Abstract
Using a sample of 262 French firms over the period 1996-2000, we show that analysts who tend to move away from consensus and issue bold forecasts are more experienced, work for large brokerage houses, follow more firms. Bold analysts provide more precise forecasts than those who tend to herd. Thus, investors should use bold forecasts since they are more accurate and reflect more relevant information than herding forecasts.- Full Text:
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- DOI:10.5539/ijbm.v4n9p121
This work is licensed under a Creative Commons Attribution 4.0 License.
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