경영경제 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.

1. 일시: 2019년 09월 26일 (목), 16:00~17:30
2. 장소: 9호관 7층, 9701호 강의실
3. 강사: 심명규 교수 (연세대학교)
4. 주제: Do Financial Analyst Herd?
5. 연구분야: 경영경제
* Language: 한국어

[Abstract]
Financial analysts may have strategic incentives to herd or to anti-herd when issuing forecasts of firms' earnings. This paper develops and implements a new test to examine whether such incentives exist and to identify the form of strategic behavior. We use the equilibrium property of the finite-player forecasting game of Kim and Shim (2019) that forecast dispersion decreases as the number of forecasters increases if and only if there is strategic complementarity in their forecasts. We find strong evidence that supports strategic herding behavior of financial analysts. This finding is robust to different forecast horizons and sequential forecast release.