| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 104 === The purpose of this paper is to examine whether the herding behavior among analysts in Taiwan security market is associated with market ambiguity. We find that analysts exhibit the herding behavior under market ambiguity, and this phenomenon mainly occurs when analysts issue downgrade recommendations. In addition, under extreme market ambiguity, herding among analysts is more pronounced for small firms. When the market uncertainty is low, there is no herding associated with recommendations on large firms. Moreover, under extreme high level of market ambiguity, larger brokerages tend to issue recommendations that move away from the consensus. On the contrary, if the market ambiguity is extreme low, analysts who frequently change their recommendations herd to a greater degree.
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