{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/42123"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/42123","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"When are investors' uncertainty judgments influenced by their perceptions about analyst herding?","abstract":"Made available in DSpace on 2013-02-03T19:16:26Z (GMT). No. of bitstreams: 2 Walied_Keshk.pdf: 721027 bytes, checksum: 31c532f3bed680457dbafd5cfc0a4ce3 (MD5) license.txt: 4061 bytes, checksum: da1d458965be0a2b55597361230179a0 (MD5)","abstract_html":"Made available in DSpace on 2013-02-03T19:16:26Z (GMT). No. of bitstreams: 2 Walied_Keshk.pdf: 721027 bytes, checksum: 31c532f3bed680457dbafd5cfc0a4ce3 (MD5) license.txt: 4061 bytes, checksum: da1d458965be0a2b55597361230179a0 (MD5)","abstract_has_math":false,"creators":["Keshk, Walied"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Elliott, W. 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No. of bitstreams: 2 Walied_Keshk.pdf: 721027 bytes, checksum: 31c532f3bed680457dbafd5cfc0a4ce3 (MD5) license.txt: 4061 bytes, checksum: da1d458965be0a2b55597361230179a0 (MD5)","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Seth Robbins (srobbins@illinois.edu) on 2013-02-03T19:18:55Z Item is restricted until 2015-02-03T19:18:53Z","Restriction data tranferred 2014-07-01T11:11:49-05:00 Original Data Group with Access UIUC Users [automated] Release Date: 2015-02-03 13:18:53 UTC Reason: Author requested U of Illinois access only (OA after 2yrs) in Vireo ETD system","U of I Only Restriction Lifted for Item 42070 on 2015-02-03T11:01:02Z.","While prior research documents that analyst sometimes herd their forecasts, very few studies investigate how investors’ judgments are influenced by their perceptions about the likelihood of analyst herding. In this dissertation, I conduct two experimental studies to investigate conditions under which investors’ assessments of uncertainty about future earnings are influenced by their perceptions about the likelihood of analyst herding. My first study extends research on the determinants of forecasters’ uncertainty judgments by examining the joint influence of analyst forecast dispersion and earnings volatility on investors’ uncertainty judgments, to provide insights into whether investors consider the likelihood of analyst herding in a situation that allows for, but does not prompt investors to think of, herding. Results suggest that investors do not consider the likelihood of analyst herding based on the relation between analyst forecast dispersion and earnings volatility. My second study provides a potential explanation for the mixed findings documented in prior research about investors’ reactions to the likelihood of analyst herding by examining the joint influence of the temporal order and preference-consistency of analyst forecasts on investors’ uncertainty judgments. Results suggest that investors consider the likelihood of analyst herding, and perceptions about herding influence investors’ uncertainty judgments, when analyst forecasts are preference-inconsistent, but not when analyst forecasts are preference-consistent. In addition, my second study extends research on investors’ credulity by suggesting that motivated reasoning and skepticism can be an additional mechanism that contributes to that credulity. Further, the findings of my two studies provide implications and opportunities for future research on investors’ reactions to the characteristics of analyst forecasts, investors’ reactions to the likelihood of analyst herding, and the determinants of investors’ uncertainty judgments.","Item withdrawn by Alexis Thompson (athmpsn1@illinois.edu) on 2012-07-25T13:43:28Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 1 Keshk_Walied.pdf: 721027 bytes, checksum: 31c532f3bed680457dbafd5cfc0a4ce3 (MD5)"]},{"key":"dc:title","label":"Title","values":["When are investors' uncertainty judgments influenced by their perceptions about analyst herding?"]}]}],"canonical_facts":{"dc:contributor":["Elliott, W. Brooke","Jackson, Kevin E.","Krische, Susan D.","Weisbenner, Scott"],"dc:creator":["Keshk, Walied"],"dc:date":["2013-02-03T19:16:26Z","2015-02-03T11:01:02Z","2012-12"],"dc:description":["Made available in DSpace on 2013-02-03T19:16:26Z (GMT). No. of bitstreams: 2 Walied_Keshk.pdf: 721027 bytes, checksum: 31c532f3bed680457dbafd5cfc0a4ce3 (MD5) license.txt: 4061 bytes, checksum: da1d458965be0a2b55597361230179a0 (MD5)","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Seth Robbins (srobbins@illinois.edu) on 2013-02-03T19:18:55Z Item is restricted until 2015-02-03T19:18:53Z","Restriction data tranferred 2014-07-01T11:11:49-05:00 Original Data Group with Access UIUC Users [automated] Release Date: 2015-02-03 13:18:53 UTC Reason: Author requested U of Illinois access only (OA after 2yrs) in Vireo ETD system","U of I Only Restriction Lifted for Item 42070 on 2015-02-03T11:01:02Z.","While prior research documents that analyst sometimes herd their forecasts, very few studies investigate how investors’ judgments are influenced by their perceptions about the likelihood of analyst herding. In this dissertation, I conduct two experimental studies to investigate conditions under which investors’ assessments of uncertainty about future earnings are influenced by their perceptions about the likelihood of analyst herding. My first study extends research on the determinants of forecasters’ uncertainty judgments by examining the joint influence of analyst forecast dispersion and earnings volatility on investors’ uncertainty judgments, to provide insights into whether investors consider the likelihood of analyst herding in a situation that allows for, but does not prompt investors to think of, herding. Results suggest that investors do not consider the likelihood of analyst herding based on the relation between analyst forecast dispersion and earnings volatility. My second study provides a potential explanation for the mixed findings documented in prior research about investors’ reactions to the likelihood of analyst herding by examining the joint influence of the temporal order and preference-consistency of analyst forecasts on investors’ uncertainty judgments. Results suggest that investors consider the likelihood of analyst herding, and perceptions about herding influence investors’ uncertainty judgments, when analyst forecasts are preference-inconsistent, but not when analyst forecasts are preference-consistent. In addition, my second study extends research on investors’ credulity by suggesting that motivated reasoning and skepticism can be an additional mechanism that contributes to that credulity. Further, the findings of my two studies provide implications and opportunities for future research on investors’ reactions to the characteristics of analyst forecasts, investors’ reactions to the likelihood of analyst herding, and the determinants of investors’ uncertainty judgments.","Item withdrawn by Alexis Thompson (athmpsn1@illinois.edu) on 2012-07-25T13:43:28Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 1 Keshk_Walied.pdf: 721027 bytes, checksum: 31c532f3bed680457dbafd5cfc0a4ce3 (MD5)"],"dc:identifier":["http://hdl.handle.net/2142/42123"],"dc:language":["en"],"dc:rights":["Copyright 2012 Walied Keshk"],"dc:subject":["Analyst Herding","Analyst Forecast Dispersion, Uncertainty Judgments","Directional Preferences","Temporal Order","Earnings Volatility"],"dc:title":["When are investors' uncertainty judgments influenced by their perceptions about analyst herding?"],"dc:type":["text"],"thesis:degree_discipline":["Accountancy"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:31Z"}