A sizeable literature reports that financial market analysts and forecasters herd for reputational reasons (See e.g. Devenow and Welch (1996) and Hirshleifer and Teoh (2003) for surveys). As an example, Lamont…
New firms are regarded to be of substantial importance for the development of an economy, especially for innovation, growth, and the creation of jobs. However, new firms also face a high risk of failure. Thus,…