Analysts herding: when does sentiment matter?

Herding among analysts emerges when analysts give priority to their peers’ opinions instead of their own beliefs or information. Some circumstances may enhance or restrain this type of behaviour. We postulate that market sentiment is one of them. This article analyses the effect that investor sentim...

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Detalles Bibliográficos
Autores: Blasco de las Heras, Natividad, Corredor Casado, María Pilar, Ferrer Zubiate, Elena
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2018
País:España
Institución:Universidad Pública de Navarra
Repositorio:Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
OAI Identifier:oai:dnet:academicae__::5c1d609736f698f2bf44296dded3af80
Acceso en línea:https://academica-e.unavarra.es/handle/2454/39413
Access Level:acceso abierto
Palabra clave:Herding
Investor sentiment
Analyst forecasts
Hard-to-value firms
Behavioural finance
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spelling Analysts herding: when does sentiment matter?Blasco de las Heras, NatividadCorredor Casado, María PilarFerrer Zubiate, ElenaHerdingInvestor sentimentAnalyst forecastsHard-to-value firmsBehavioural financeHerding among analysts emerges when analysts give priority to their peers’ opinions instead of their own beliefs or information. Some circumstances may enhance or restrain this type of behaviour. We postulate that market sentiment is one of them. This article analyses the effect that investor sentiment may have on analysts’ herding behaviour in the U.K. Our results suggest that ‘easy situations’ such as analysing easy-to-value securities and releasing optimistic information at times of high market sentiment clearly reduce herding practices, whereas herding clearly increases in difficult situations when analysts have to release negative information at moments of high investor sentiment.This article has received financial support from the Spanish Ministry of Economy and Competitiveness (ECO2016-77631-R (AEI/FEDER, UE) and ECO2013-45568-R), and the Government of Aragón/European Social Fund (S14/2).RoutledgeEnpresen KudeaketaInstitute for Advanced Research in Business and Economics - INARBEGestión de Empresas2018info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://academica-e.unavarra.es/handle/2454/39413reponame:Academica-e. Repositorio Institucional de la Universidad Pública de Navarrainstname:Universidad Pública de NavarraInglésinfo:eu-repo/grantAgreement/MINECO//ECO2013-45568-Rinfo:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R© 2018 Informa UK Limited, trading as Taylor & Francis Groupinfo:eu-repo/semantics/openAccessoai:dnet:academicae__::5c1d609736f698f2bf44296dded3af802025-08-03T04:38:52Z
dc.title.none.fl_str_mv Analysts herding: when does sentiment matter?
title Analysts herding: when does sentiment matter?
spellingShingle Analysts herding: when does sentiment matter?
Blasco de las Heras, Natividad
Herding
Investor sentiment
Analyst forecasts
Hard-to-value firms
Behavioural finance
title_short Analysts herding: when does sentiment matter?
title_full Analysts herding: when does sentiment matter?
title_fullStr Analysts herding: when does sentiment matter?
title_full_unstemmed Analysts herding: when does sentiment matter?
title_sort Analysts herding: when does sentiment matter?
dc.creator.none.fl_str_mv Blasco de las Heras, Natividad
Corredor Casado, María Pilar
Ferrer Zubiate, Elena
author Blasco de las Heras, Natividad
author_facet Blasco de las Heras, Natividad
Corredor Casado, María Pilar
Ferrer Zubiate, Elena
author_role author
author2 Corredor Casado, María Pilar
Ferrer Zubiate, Elena
author2_role author
author
dc.contributor.none.fl_str_mv Enpresen Kudeaketa
Institute for Advanced Research in Business and Economics - INARBE
Gestión de Empresas
dc.subject.none.fl_str_mv Herding
Investor sentiment
Analyst forecasts
Hard-to-value firms
Behavioural finance
topic Herding
Investor sentiment
Analyst forecasts
Hard-to-value firms
Behavioural finance
description Herding among analysts emerges when analysts give priority to their peers’ opinions instead of their own beliefs or information. Some circumstances may enhance or restrain this type of behaviour. We postulate that market sentiment is one of them. This article analyses the effect that investor sentiment may have on analysts’ herding behaviour in the U.K. Our results suggest that ‘easy situations’ such as analysing easy-to-value securities and releasing optimistic information at times of high market sentiment clearly reduce herding practices, whereas herding clearly increases in difficult situations when analysts have to release negative information at moments of high investor sentiment.
publishDate 2018
dc.date.none.fl_str_mv 2018
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://academica-e.unavarra.es/handle/2454/39413
url https://academica-e.unavarra.es/handle/2454/39413
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv info:eu-repo/grantAgreement/MINECO//ECO2013-45568-R
info:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R
dc.rights.none.fl_str_mv © 2018 Informa UK Limited, trading as Taylor & Francis Group
info:eu-repo/semantics/openAccess
rights_invalid_str_mv © 2018 Informa UK Limited, trading as Taylor & Francis Group
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Routledge
publisher.none.fl_str_mv Routledge
dc.source.none.fl_str_mv reponame:Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
instname:Universidad Pública de Navarra
instname_str Universidad Pública de Navarra
reponame_str Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
collection Academica-e. Repositorio Institucional de la Universidad Pública de Navarra
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,647109

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