This paper examines whether analysts have an industry-level information advantage over managers when forecasting earnings. We argue that such an advantage is more likely to exist in industries where firm performance is more sensitive to industry-level external economic forces. We find that for...

This study examines whether key characteristics of analysts' forecasts — timeliness, accuracy, and informativeness — change when investor demand for information is likely to be especially high, i.e., during periods of high uncertainty. Findings reveal that when uncertainty is high, analysts'...

We use analyst earnings forecasts as a setting to examine a fundamental question concerning the effect of a public information release on announcement-period information asymmetry. Prior literature documents an announcement-period increase in information asymmetry for earnings announcements and...