Herding in analysts’ recommendations: The role of media

Bart Frijns, Thanh D. Huynh

Research output: Contribution to journalArticleResearchpeer-review

12 Citations (Scopus)


This study investigates the impact of media on analysts’ herding behavior when making stock recommendations. We find three main results. First, we find that analysts herd less when stocks are covered more in the media. Second, when the firm has negative media sentiment, analysts tend to herd more. Third, higher disagreement in the media is associated with a higher tendency to herd among analysts. These findings are robust to the confounding effect of news flows on returns as well as to alternative explanations. In addition, we find that the effect of media on the herding behavior is conditional on analyst characteristics.

Original languageEnglish
Pages (from-to)1-18
Number of pages18
JournalJournal of Banking and Finance
Publication statusPublished - 1 Jun 2018


  • Herding
  • News coverage
  • News dispersion
  • News sentiment
  • Security analyst

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