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Type Rao, H.; Greve, H.R.; Davis, G.F.
  Title Fool's Gold: Social Proof in the Initiation and Abandonment of Coverage by Wall Street Analysts Type Journal Article
  Year 2001 Publication Administrative Science Quarterly Abbreviated Journal Fool's Gold  
  Volume 46 Issue 3 Pages 502-526  
  Keywords  
  Abstract This paper examines the dynamics of social influence in the choices of securities analysts to initiate and abandon coverage of firms listed on the NASDAQ national market. We show that social proof-using the actions of others to infer the value of a course of action-creates information cascades in which decision makers initiate coverage of a firm when peers have recently begun coverage. Analysts that initiate coverage of a firm in the wake of a cascade are particularly prone to overestimating the firm's future profitability, however, and they are subsequently more likely than other analysts to abandon coverage of the firm. We thus find evidence for a cycle of imitation-driven choice followed by disappointment and abandonment. Our account suggests that institutionalization rooted in imitation is likely to be fragile.  
  Address  
  Corporate Author Thesis  
  Publisher Place of Publication Editor  
  Language Summary Language Original Title  
  Series Editor Series Title Abbreviated Series Title  
  Series Volume Series Issue Edition  
  ISSN 00018392 ISBN Medium  
  Area Expedition Conference  
  Notes Approved no  
  Call Number refbase @ user @ Rao2001 Serial 7140  
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