Forecasting stock prices: Do forecasters herd?

We use the Livingston survey data to study whether forecasters of the S&P 500 stock price index herd. Our results imply that forecasters do not herd. Rather, we find that forecasters anti-herd. Anti-herding is less prevalent among academics and Federal Reserve economists. Forecaster anti-herding is inversely correlated with forecast accuracy. Forecaster anti-herding is not correlated with age.

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Year of publication:	2012
Authors:	Pierdzioch, Christian ; Rülke, Jan-Christoph
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 116.2012, 3, p. 326-329
Publisher:	Elsevier
Subject:	Stock prices \| Forecasting \| (Anti-)herding

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Type of publication:	Article
Classification:	G17 - Financial Forecasting
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011041557