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Analyzing the analysts: Career concerns and biased earnings forecasts[PDF] from ufrn.brH Hong… - The Journal of Finance, 2003 - Wiley Online Library
Abstract We examine security analysts'career concerns by relating their earnings fore- casts
to job separations. Relatively accurate forecasters are more likely to ex- perience favorable career
outcomes like moving up to a high-status brokerage house. Controlling for accuracy, ...
Cited by 517 - Related articles - BL Direct - All 26 versions
Social Interaction and Stock‐Market Participation[PDF] from harvard.eduH Hong, JD Kubik… - The Journal of Finance, 2004 - Wiley Online Library
We propose that stock-market participation is influenced by social interaction. In our model, any
given “social” investor finds the market more attractive when more of his peers participate. We
test this theory using data from the Health and Retirement Study, and find that social ...
Cited by 440 - Related articles - Library Search - BL Direct - All 32 versions
Thy Neighbor's Portfolio: Word‐of‐Mouth Effects in the Holdings and Trades of Money Managers[PDF] from espol.edu.ecH Hong, JD Kubik… - The Journal of Finance, 2005 - Wiley Online Library
In an effort to bring large-sample evidence to bear on the question, we study the holdings and
trades of mutual fund managers. Our empirical strategy is a simple one, premised on the assumption
that fund managers who work in the same city are more likely to come into direct contact ...
Cited by 224 - Related articles - Library Search - BL Direct - All 33 versions
Disagreement and the stock market[PDF] from upf.eduH Hong… - The Journal of Economic Perspectives, 2007 - ingentaconnect.com
Page 1. Disagreement and the Stock Market Harrison Hong and Jeremy C. Stein Over the last
20 years, the field of behavioral finance has grown from a startup operation into a mature
enterprise, with well-developed bodies of both theory and empirical evidence. ...
Cited by 176 - Related articles - BL Direct - All 15 versions
A unified theory of underreaction, momentum trading and overreaction in asset markets[PDF] from psu.eduH Hong… - 1997 - nber.org
... Harrison Hong Graduate School of Business Department of Finance Stanford University Stanford,
CA 94305-5015 harrison_hong@gsb.stanford.edu Jeremy C. Stein Sloan School of Management,
E52-434 Massachusetts Institute of Technology 50 Memorial Drive Cambridge ...
Cited by 1558 - Related articles - Library Search - BL Direct - All 66 versions
Asset float and speculative bubbles[PDF] from nus.eduH Hong, J Scheinkman… - The Journal of Finance, 2006 - Wiley Online Library
We model the relationship between asset float (tradeable shares) and speculative bubbles. Investors
with heterogeneous beliefs and short-sales constraints trade a stock with limited float because
of insider lockups. A bubble arises as price overweighs optimists' beliefs and investors ...
Cited by 162 - Related articles - BL Direct - All 37 versions
Breadth of ownership and stock returns[PDF] from psu.eduJ Chen, H Hong… - 2001 - nber.org
NBER WORKING PAPER SERIES BREADTH OF OWNERSHIP AND STOCK RETURNS Joseph
Chen Harrison Hong Jeremy C. Stein Working Paper 8151 http://www.nber.org/papers/w8151 ...
2001 by Joseph Chen, Harrison Hong and Jeremy C. Stein. All rights reserved. ...
Cited by 478 - Related articles - Library Search - BL Direct - All 44 versions
Security analysts' career concerns and herding of earnings forecasts[PDF] from princeton.eduH Hong, JD Kubik… - The Rand journal of economics, 2000 - JSTOR
Several theories of reputation and herd behavior (eg, Scharfstein and Stein (1990), and
Zwiebel (1995)) suggest that herding among agents should vary with career concerns. Our
goal is to document whether such a link exists in the labor market for security analysts. We ...
Cited by 456 - Related articles - BL Direct - All 16 versions
Forecasting crashes: trading volume, past returns, and conditional skewness in stock prices* 1[PDF] from psu.eduJ Chen, H Hong… - Journal of Financial Economics, 2001 - Elsevier
We develop a series of cross-sectional regression specifications to forecast skewness in the
daily returns of individual stocks. Negative skewness is most pronounced in stocks that have
experienced (1) an increase in trading volume relative to trend over the prior six months, ...
Cited by 249 - Related articles - Library Search - BL Direct - All 36 versions
Do industries lead stock markets?[PDF] from ucla.eduH Hong, W Torous… - Journal of Financial Economics, 2007 - Elsevier
We investigate whether the returns of industry portfolios predict stock market movements. In
the US, a significant number of industry returns, including retail, services, commercial real
estate, metal, and petroleum, forecast the stock market by up to two months. Moreover, the ...
Cited by 132 - Related articles - All 24 versions
The price of sin: The effects of social norms on markets[PDF] from gsu.eduH Hong… - Journal of Financial Economics, 2009 - Elsevier
We provide evidence for the effects of social norms on markets by studying “sin” stocks—
publicly traded companies involved in producing alcohol, tobacco, and gaming. We
hypothesize that there is a societal norm against funding operations that promote vice and ...
Cited by 129 - Related articles - All 33 versions
Differences of opinion, short‐sales constraints, and market crashes[PDF] from harvard.eduH Hong… - Review of financial studies, 2003 - Soc Financial Studies
... This article was previously circulated under the title “Differences of Opinion, Rational Arbitrage
and Market Crashes.” Address correspondence to: Harrison Hong, Department of Economics,
Princeton University, Princeton, NJ 08544, or e-mail: hhong@princeton.edu. ...
Cited by 396 - Related articles - BL Direct - All 18 versions |
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