Approximately 90 percent of managers' earnings forecasts are issued simultaneously with their firm's current earnings announcement – a practice referred to as the “bundling” of earnings information. We examine whether managers bias these forecasts conditional on the news conveyed in...

We employ a novel machine-learning technique (“clusterwise linear regression”) to identify five distinct forecasting styles employed by equity research analysts. We first document significant variation in how each of the forecasting styles contributes to the consensus analyst forecast...