Herding among Investment Newsletters: Theory and Evidence
构建模型说明分析师在声誉高、能力低或公共信息与私人信息冲突时容易产生羊群行为，并用投资通讯数据验证了这些预测。
A model is developed which implies that if an analyst has high reputation or low ability, or if there is strong public information that is inconsistent with the analyst's private information, she is likely to herd. Herding is also common when informative private signals are positively correlated across analysts. The model is tested using data from analysts who publish investment newsletters. Consistent with the model's implications, the empirical results indicate that a newsletter analyst is likely to herd on Value Line's recommendation if her reputation is high, if her ability is low, or if signal correlation is high.