Abstract

The extent to which financial analysts provide “herd” rather than “bold” (or anti-herd) earnings forecasts has important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can lead to policies to help reduce such harmful conduct. Our 2 proxies for intangible asset intensity are found to have a differential impact on analyst herding behavior. More specifically, increases in firm-specific reported balance sheet intangible assets (level of patents granted) are associated with heightened (reduced) herding behavior. Our findings highlight the need for regulatory reforms such as more transparent disclosure, and standardized accounting treatment to better capture a firm’s investment in intangible assets in their financial statements.

摘要

金融分析师提供“从众”而非“大胆”（或反从众）盈利预测的程度对市场效率具有重要影响。确定金融分析师羊群行为的任何促成因素可以导致制定有助于减少此类有害行为的政策。发现我们的 2 个无形资产强度指标对分析师的羊群行为有不同的影响。更具体地说，公司特定报告的资产负债表无形资产（授予的专利水平）的增加与羊群行为的增加（减少）有关。我们的研究结果强调了监管改革的必要性，例如更透明的披露和标准化的会计处理，以更好地反映公司在财务报表中对无形资产的投资。