This paper examines how analyst recommendations and investors’ herding influence stock returns and trading performance. Different types of investors display distinct herding intensity. Institutional investors herd significantly more than individuals do and investment trusts exhibit the highest herding intensity. Foreign investors tend to herd in buying (selling) stocks when analysts issue better (worse) recommendations. Investment trusts are inclined to herd in the sell side when analysts issue “sell” recommendations. Institutional buy (sell) herding positively (negatively) correlates to current‐day returns. Individual herding shows the exact opposite pattern. Finally, institutional investors’ higher buy intensity has better trading performance following analysts’ buy‐oriented recommendations.

中文翻译：

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分析师建议，羊群强度和交易表现*

本文研究了分析师的建议和投资者的羊群效应如何影响股票收益和交易表现。不同类型的投资者表现出不同的羊群效应。机构投资者的羊群活动远多于个人，而投资信托的羊群活动强度最高。当分析师发布更好（更糟糕）的建议时，外国投资者倾向于购买（出售）股票。当分析师发布“出售”建议时，投资信托倾向于在卖方方面。机构买（卖）从（负）成群与当日收益相关。个体放牧显示出完全相反的模式。最后，遵循分析师的买进建议，机构投资者的更高买入强度具有更好的交易表现。