In an international setting, this study investigates the information content of analysts’ cash flow forecasts by examining the immediate market reaction to analysts’ cash flow forecast revisions. Using a large sample from 57 countries or jurisdictions over the period 1994 to 2018, we find...

This study examines CEOs and CFOs who have prior work experience as equity research analysts. Consistent with backgrounds in forecasting and M&A evaluation, we find these executives provide earnings outlooks that are more accurate than those of other executives, and their M&A transactions...

We study the relation between audit committee accounting expertise, analyst following, and market liquidity. Our main results indicate that analyst following increases subsequent to the appointment of an accounting expert to the audit committee. We also provide evidence that accrual quality, as...