References
- Arand, D., Kerl, A. G. and Walter, A. (2014, forthcoming) When do sell-side analyst reports really matter? Shareholder protection, institutional investors and the informativeness of equity research, European Financial Management. doi:10.1111/j.1468-036X.2013.12028.x
- Asquith, P., Mikhail, M. B. and Au, A. S. (2005) Information content of equity analyst reports, Journal of Financial Economics, 75, 245–82. doi:10.1016/j.jfineco.2004.01.002
- Barniv, R., Myring, M. J. and Thomas, W. B. (2005) The association between the legal and financial reporting environments and forecast performance of individual analysts, Contemporary Accounting Research, 22, 727–58. doi:10.1506/75CE-HAT9-RH17-LAD7
- Bernhardt, D., Campello, M. and Kutsoati, E. (2006) Who herds?, Journal of Financial Economics, 80, 657–75. doi:10.1016/j.jfineco.2005.07.006
- Bhat, G., Hope, O.-K. and Kang, T. (2006) Does corporate governance transparency affect the accuracy of analyst forecasts?, Accounting and Finance, 46, 715–32. doi:10.1111/j.1467-629X.2006.00191.x
- Bikhchandani, S. and Sharma, S. (2001) Herd behavior in financial markets, IMF Staff Papers, 47, 279–310.
- Brown, N. C., Wei, K. D. and Wermers, R. (2014) Analyst recommendations, mutual fund herding, and overreaction in stock prices, Management Science, 60, 1–20.
- Byard, D., Li, Y. and Weintrop, J. (2006) Corporate governance and the quality of financial analysts’ information, Journal of Accounting and Public Policy, 25, 609–25. doi:10.1016/j.jaccpubpol.2006.07.003
- Chen, X., Harford, J. and Li, K. (2007) Monitoring: which institutions matter?, Journal of Financial Economics, 86, 279–305. doi:10.1016/j.jfineco.2006.09.005
- Chen, Q. and Jiang, W. (2006) Analysts’ weighting of private and public information, Review of Financial Studies, 19, 319–55. doi:10.1093/rfs/hhj007
- Clement, M. B. and Tse, S. Y. (2005) Financial analyst characteristics and herding behavior in forecasting, The Journal of Finance, 60, 307–41. doi:10.1111/j.1540-6261.2005.00731.x
- Commission of the German Corporate Governance Code (2013) German Corporate Governance Code. Available at http://www.corporate-governance-code.de/index-e.html (accessed 9 January 2014).
- De Bondt, W. F. M. and Forbes, W. P. (1999) Herding in analyst earnings forecasts: evidence from the United Kingdom, European Financial Management, 5, 143–63. doi:10.1111/1468-036X.00087
- Djankov, S., La Porta, R., Lopez-de-Silanes, F. et al. (2008) The law and economics of self-dealing, Journal of Financial Economics, 88, 430–65. doi:10.1016/j.jfineco.2007.02.007
- Frankel, R., Kothari, S. P. and Weber, J. (2006) Determinants of the informativeness of analyst research, Journal of Accounting and Economics, 41, 29–54. doi:10.1016/j.jacceco.2005.10.004
- Hong, H., Kubik, J. D. and Solomon, A. (2000) Security analysts’ career concerns and herding of earnings forecasts, The RAND Journal of Economics, 31, 121–44. doi:10.2307/2601032
- Jackson, H. E. and Roe, M. J. (2009) Public and private enforcement of securities laws: resource-based evidence, Journal of Financial Economics, 93, 207–38. doi:10.1016/j.jfineco.2008.08.006
- Jegadeesh, N. and Kim, W. (2006) Value of analyst recommendations: international evidence, Journal of Financial Markets, 9, 274–309. doi:10.1016/j.finmar.2006.05.001
- Jegadeesh, N. and Kim, W. (2010) Do analysts herd? An analysis of recommendations and market reactions, The Review of Financial Studies, 23, 901–37. doi:10.1093/rfs/hhp093
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A. et al. (1998) Law and finance, Journal of Political Economy, 106, 1113–55. doi:10.1086/250042
- Leuz, C., Nanda, D. and Wysocki, P. D. (2003) Earnings management and investor protection: an international comparison, Journal of Financial Economics, 69, 505–27. doi:10.1016/S0304-405X(03)00121-1
- Ljungqvist, A., Marston, F., Starks, L. T. et al. (2007) Conflicts of interest in sell-side research and the moderating role of institutional investors, Journal of Financial Economics, 85, 420–56. doi:10.1016/j.jfineco.2005.12.004
- Naujoks, M., Aretz, K., Kerl, A. G. et al. (2009) Do German security analysts herd?, Financial Markets and Portfolio Management, 23, 3–29. doi:10.1007/s11408-008-0093-7
- Shleifer, A. and Vishny, R. W. (1986) Large shareholders and corporate control, Journal of Political Economy, 94, 461–88. doi:10.1086/261385
- Trueman, B. (1994) Analyst forecasts and herding behavior, The Review of Financial Studies, 7, 97–124. doi:10.1093/rfs/7.1.97
- Velury, U. and Jenkins, D. S. (2006) Institutional ownership and the quality of earnings, Journal of Business Research, 59, 1043–51. doi:10.1016/j.jbusres.2006.05.001
- Welch, I. (2000) Herding among security analysts, Journal of Financial Economics, 58, 369–96. doi:10.1016/S0304-405X(00)00076-3
- Yeo, G. H. H., Tan, P. M. S., Ho, K. W. et al. (2002) Corporate ownership structure and the informativeness of earnings, Journal of Business Finance and Accounting, 29, 1023–46. doi:10.1111/1468-5957.00460
- Zitzewitz, E. (2001) Measuring herding and exaggeration by equity analysts and other opinion sellers, Stanford GSB Working Paper No. 1802. doi:10.2139/ssrn.405441