本研究依據分析師推薦個股次數的資料，利用Lakonishok, Shleifer and Vishny (1992)之從眾指標來衡量分析師的從眾行為。目的在探討台灣股票市場分析師推薦個股從眾行為之特性，並探討分析師從眾行為對股價波動的影響。
實證顯示研究期間內，分析師確實存在從眾推薦的現象，且空頭市場的從眾現象比多頭市場更嚴重，原因可能是代理問題導致，分析師會避免出錯而有互相模仿的情況，導致從眾現象發生。
探討分析師從眾行為與股票特性之關聯部分，實證得出資訊較不透明及法人持股比例較低的企業分析師從眾情況比較明顯，表示分析師對於公司治理較差的企業比較有從眾推薦的現象；當季報酬率高及市場情緒高昂時分析師推薦的個股也容易產生高度的從眾現象，表示分析師容易受到市場的影響而做出相同的投資策略；每股盈餘降低、低現金流量比及資產報酬率降低等因素也會造成分析師的從眾現象更明顯，表示當壞消息發生時，分析師會更敏銳的修正報告，因此分析師賣方的從眾推薦現象更明顯。
檢視分析師從眾現象對股票波動的影響，實證發現分析師買進推薦從眾程度愈高的企業股價波動愈低，表示分析師的買進從眾推薦具有穩定股價的功能。
綜合以上所述，本研究推論分析師之從眾行為主要因為代理問題所導致，由其當壞消息發生的時候，為了避免出具特立獨行的錯誤報告，而產生互相模仿的行為。

We estimate analysts’ herding prosperity with I/B/E/S recommended number data. Compared to prior studies, our paper has four unique features. First, we find the Bear Market is more herding than the Bull Market. Because there is more bad news in the Bear Marker, analyst would avoid errors to imitate the other analyst. Second, we find the company with the less government corporation, the analysts are more herding. There is asymmetric information in the less corporation government, and the research cost is higher. So it is caused by direct mutual imitation. Third, the bad news including the less earns per share、the lower cash flow rate and the lower return of assets would cause more herding. Because the analysts would more sensitive revise their recommendations to the same direction. Forth, it is negative relationship between herding behavior and stock volatility. The herding behavior would cause the less stock volatility. It means that herding behavior could stabilize the stock volatility.

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