This paper investigates the extent to which analysts incorporate tax-based earnings information into their earnings forecasts relative to other earnings information. We find that analysts' mis-reaction to tax-based earnings information is distinct from their mis-reaction to other (non-tax)...

This paper investigates the extent to which analysts incorporate tax-based earnings information into their earnings forecasts relative to other earnings information. We find that analysts' mis-reaction to tax-based earnings information is distinct from their mis-reaction to other (non-tax)...

This study investigates the role of earnings and cash flows in equity valuation under severe uncertainty about firm fundamentals. We hypothesize that the valuation weight on cash flows (earnings) increases (decreases) with the degree of fundamental uncertainty because earnings, which include...

We examine the propensity and properties of bond analysts' forecasts on cash flows and earnings. We find that the probability to issue cash flow, relative to earnings, forecasts is greater for bond analysts than for equity analysts, consistent with the notion that cash flow, relative to...

We examine the role of online freelance stock analysts in correcting mispricing of hard-to-value firms during sentiment-driven market periods. We analyze the tone of stock articles posted in SeekingAlpha.com. The analysis reveals that the degree of negative tone of their stock articles is...