Forecasting stock prices: Do forecasters herd?

Christian Pierdzioch and Jan-Christoph Rülke

Economics Letters, 2012, vol. 116, issue 3, 326-329

Abstract: We use the Livingston survey data to study whether forecasters of the S&P 500 stock price index herd. Our results imply that forecasters do not herd. Rather, we find that forecasters anti-herd. Anti-herding is less prevalent among academics and Federal Reserve economists. Forecaster anti-herding is inversely correlated with forecast accuracy. Forecaster anti-herding is not correlated with age.

Keywords: Stock prices; Forecasting; (Anti-)herding (search for similar items in EconPapers)
JEL-codes: G17 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:116:y:2012:i:3:p:326-329

DOI: 10.1016/j.econlet.2012.03.019

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