Herding in analyst earnings forecasts: evidence from the United Kingdom
实证分析英国公司分析师每股盈利预测中的羊群行为，发现预测存在过度乐观、过度反应和羊群效应，并考察预测期限和分析师覆盖的影响。
We present an empirical analysis of herding behavior in analyst forecasts of earnings‐per‐share. Herding is defined as ‘excessive agreement’ among analyst predictions, i.e., a surprising degree of consensus relative to the predictability of corporate earnings. The data are for U.K. companies between 1986 and 1997. We examine the effects of forecast horizon and analyst coverage on forecast accuracy and dispersion. The evidence supports overoptimism, overreaction, and herding in analyst forecasts. G1, G14