RT Journal Article SR Electronic T1 Modeling Analyst Behavior JF The Journal of Investing FD Institutional Investor Journals SP 7 OP 14 DO 10.3905/joi.1999.319405 VO 8 IS 2 A1 Ronald N. Kahn A1 Andrew Rudd YR 1999 UL https://pm-research.com/content/8/2/7.abstract AB Analyst earnings forecasts have formed the basis for many well-known portfolio management strategies. Earnings forecasts over a considerable period of time form large data bases scrutinized by asset managers and academic researchers alike. There has been almost no analysis of how these forecasts are derived. The analysis here suggests a classification of analysts into three categories-leaders, followers, and rebels - and aims to differentiate the independent opinion-makers (in theory, both leaders and rebels) from the followers. Opinion-makers may be influential for two distinct reasons: Their earnings forecast revisions may be accurate and provide significant explanation of subsequent asset returns, or the market may weight their earnings revisions highly out of respect or their celebrated status.