We examine the role of reported accounting information (e.g., earnings and book values) relative to analysts' earnings forecasts to determine what information is most relevant for explaining market value conditional on a firm's life cycle stage. Using the life cycle measure developed in...

We document that several well known asset-pricing implications of accruals differ for investment and non-investment-related components. Exposure to an investment-accruals factor explains the cross-section of returns better than the accruals themselves, and this factor's returns are negatively...

This paper investigates the association between current dividends and analysts’ subsequent earnings forecast errors. This investigation is motivated by the evidence on analyst optimism and Ohlson (1991)’s fundamental valuation theory that dividends displace future permanent earnings. For the...