منابع مشابه
Security analysts’ career concerns and herding of earnings forecasts
Several theories of reputation and herd behavior (e.g., 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 find that inexperienced analysts are more likely to be terminated for inaccurate earnings forecasts than are their more experi...
متن کاملMeasuring the Career Concerns of Security Analysts: Job Separations, Stock Coverage Assignments and Brokerage House Status
This paper examines the career concerns of security analysts using long histories of their earnings forecasts, job separations and stock coverage assignments. Our findings include the following. Relatively good (accurate) past forecast performance increases the probability that an analyst moves from a low status to a high status (large, prestigious) brokerage house, while relatively poor past f...
متن کاملCareer Patterns and Career Concerns
This paper develops a model of career concerns. As in Holmström (1999), a worker’s productive abilities are revealed over time through output, and wages are based on expected output, and so on assessed ability. Specifically, work increases the probability that a skilled worker achieves an observable breakthrough. It is shown that effort at different times are strategic substitutes. As as result...
متن کاملCareer Concerns and Career Choice ∗
In many industries workers face a choice between high and low visibility jobs. The former let all potential employers observe performance, the latter only the current employer. This paper argues that workers getting a positive initial signal about their talent are willing to incur costs to work in high visibility jobs in order to avoid a hold up problem with the current employer in the second p...
متن کاملReform with Career Concerns
We study a model of political economy in which the policy choice of an incumbent politician when he is concerned with the perception of his capability. We show that politicians may engage in socially detrimental reform in order to be perceived as more capable. Conservative institutions that thwart reform may potentially improve social welfare.
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2596966