This study examines whether the improvement in analyst forecast accuracy around mandatory IFRS adoption is associated with the improvement in the accuracy of financial statement-based forecasts. We find significant out-of-sample improvement in financial statement-based forecast accuracy around...

We find that individual analysts following the same firm and quarter forecast different underlying street performance metrics. Relative to analysts whose street forecast is based on generally accepted accounting principles (GAAP), analysts who forecast street earnings using a non-GAAP...

This study examines individual analyst forecast revisions of annual earnings to provide insight into “walkdown” behavior, in which analyst forecasts begin optimistic and walkdown over time to be pessimistic before the earnings announcement. We examine revisions of individual analyst...

Short-term earnings news is monitored by a wide variety of firm constituents; however, our understanding of the forces that facilitate or limit the speed of earnings anticipation is limited. I create a measure of speed – inspired by the price discovery literature – that captures how quickly...

We document that a significant proportion of the tendency for firms to beat expectations arises because of shares outstanding forecasts. Firms are ten percent more likely to meet or beat analysts’ EPS forecasts than their unscaled earnings forecasts. We infer analyst share forecasts by...