Changes to the Work Environment and Analyst Herding Behavior
研究发现分析师在更换工作后，因不熟悉新环境而表现出更强的羊群行为，这虽不影响预测准确性，但降低了预测的市场影响力。
We find that analysts exhibit strong herding behavior in their earnings forecasts following an employment change—possibly as a response to the unfamiliarity of their new workplace. Overall, this has no significant effect on forecast accuracy but an adverse effect on the market impact of their forecasts. This research adds to the literature by showing that analysts’ herding behavior can arise simply from having to adjust to a new work environment. Yet, it appears to be a strategic adaptation as the moving analysts only choose to herd when the consensus serves as a reliable benchmark to maintain performance standards.