This paper develops a taxonomy of research examining the role of financial analysts in capital markets. The paper builds on the perspectives provided by Schipper [Schipper, K. (1991). Analysts' forecasts. Accounting Horizons, 5, 105-131] and Brown [Brown, L. (1993). Earnings forecasting...

type="main" xml:id="acfi12012-abs-0001" <title type="main">Abstract</title> <p>We investigate how the market's subjective estimates of autocorrelation in quarterly earnings vary with objective time-series estimates. Our results suggest that investors increasingly underestimate the correlation as the autocorrelation level...</p>

type="main" <title type="main">ABSTRACT</title> <p>This paper decomposes the cash component of earnings and analyzes persistence characteristics and pricing implications of various subcomponents, with particular attention to changes in cash. Changes in underlying fundamentals might dictate changes in cash to new optimal...</p>