examines managers' role in these removals. We show optimistic forecasts are removed more often than pessimistic forecasts … is more pronounced when it allows managers to meet or beat the consensus, when managers have greater ability to influence … improve firms' ability to meet or beat the consensus earnings. Our findings strongly suggest that managers influence I …

managers’ incentives to just meet or beat the consensus are stronger (i.e., higher subsequent insider sales or higher … compensation delta), or managers have greater ability to influence I/B/E/S. Lastly, we demonstrate that these subjective removals …