recommendation revisions. An investment strategy that accounts for the direction of both analyst revisions and mutual fund herding … results remain robust when we condition fund herding on analyst earnings forecast revisions instead of recommendation …This paper documents the tendency of mutual fund managers to follow analyst recommendation revisions when they trade …

Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact …

recommendation event date and shortly before so that investors must trade in a timely manner to profit from analyst recommendations …

reach their peak on EAD. After controlling for an extensive set of fixed effects (firm, analyst, year, and firm-broker) and …

and chartists, comprises four features: (i) price determination by excess demand; (ii) a herding mechanism that gives rise …

herding behavior and market risk. Moreover, speculators' orders depend on price trends, market misalignments and fundamental … news. Using a mix of analytical and numerical tools, we show that a herding-induced market entry wave may amplify excess …