This study examines the effect of firm-level investor sentiment derived from news articles and Twitter media content on analyst herding. The results indicate improvements (deterioration) in investor sentiment derived from news and Twitter media content lead to an increase (decrease) in analyst herding. This effect is primarily driven by media content with positive sentiment, and the effect size is magnified when the news and Twitter media content share the same sentiment polarity. Finally, the effect of firm-level investor sentiment on analyst herding is most pronounced in firms with low valuation uncertainty. By establishing a link between firm-level investor sentiment derived from news and Twitter content and analyst herding, this paper shows that analyst herding is amplified by firm-level investor sentiment, and the effect is more pronounced for firms with low valuation uncertainty.

这项研究考察了从新闻文章和Twitter媒体内容得出的公司层面投资者情绪对分析师羊群效应的影响。结果表明，新闻和Twitter媒体内容带来的投资者情绪改善（恶化）导致分析师羊群的增加（减少）。这种影响主要是由具有积极情绪的媒体内容驱动的，并且当新闻和Twitter媒体内容共享相同的情绪极性时，影响大小会放大。最后，在估值不确定性较低的公司中，最重要的是公司层面的投资者情绪对分析师羊群效应的影响。通过在新闻和Twitter内容衍生的公司层面的投资者情绪与分析师羊群之间建立联系，本文表明，公司层面的投资者情绪会放大分析师的羊群，