We examine the relation between Big N industry specialist auditors and analyst forecast properties using a national and city level industry specialist framework. Consistent with the assumption that audit quality is positively related to financial reporting quality and predictability of...

This study investigates how discretionary accruals affect earnings valuation (or price-earnings multiples) to provide indirect evidence on whether managers use their discretion over accruals to communicate their private information or to obtain private benefits. The results indicate that...

Prior studies use fundamental earnings forecasts to proxy for the market's expectations of earnings because analyst forecasts are biased and are available for only a subset of firms. We find that as a proxy for market expectations, fundamental forecasts contain systematic measurement errors...