Purpose - The purpose of this paper is to test whether financial analysts' rationality in making stocks' earnings forecasts is homogenous or not across different information regimes in stocks' past returns. Design/methodology/approach - By treating stocks' past returns as the information...

Extreme risks associated with extraordinary market conditions are catastrophic for all investors. The ongoing financial crisis has perfectly exemplified this point. Surprisingly there are few studies exploring this issue for REITs. This study aims to close the knowledge gap. We conduct a...