intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the … accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly …, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms …

differential 'profits management.' The paper discusses implications of the results for studies of analysts forecast bias, earnings …

forecast properties. The evidence shows that analysts' earnings forecast accuracy is higher and the forecast dispersion is … higher forecast accuracy and less forecast dispersion in the non-Big Five auditor sample but not in the Big Five auditor …

: forecasting accuracy, forecast bias, and forecasting efficiency. Analysts' data are based on I/B/E/S. Our analysis shows the rapid …

forecast properties. The evidence shows that analysts' earnings forecast accuracy is higher and the forecast dispersion is … higher forecast accuracy and less forecast dispersion in the non-Big Five auditor sample but not in the Big Five auditor …

The state of the art in the analyst forecasting literature is that analyst earnings forecast ability is only firm … absence of a “spillover” effect, i.e., investors do not consider an analyst's earnings forecast ability regarding firm k when … reacting to his earnings forecast revision for firm j. We re-examine the issue of whether or not earnings forecast ability is …

revisions exceeds that which is implied by their earnings forecast revisions alone, indicating that analysts increase their … discount rate estimates after misstatements. Discount rate revisions have a larger effect than earnings forecast revisions upon …

when analysts forecast negative or large changes in EPS. We also compare the accuracy of a third forecast of longer …