This paper extends the study of Herrmann and Thomas (2005) on granularity in analyst forecasts at multiples of nickels and finds that forecasts at multiples of nickels are more optimistic, and induce weaker market responses. Granularity in analyst forecasts combined with managers’ incentive to...

We examine interactions between analyst earnings forecasts and management earnings forecasts by investigating: (1) managers' comparative efficiency relative to analysts at incorporating past earnings changes, accruals, stock returns and analyst-based earnings surprises into their earnings...

We examine the relation between security analyst turnover and the relative accuracy of their annual earnings and cash flow forecasts. Controlling for self-selection in an analyst's decision to issue a cash flow forecast, we find that relatively more accurate earnings and cash flow forecasts...