This study examines the impact of unidentifiable individual differences among financial analysts on the cross section of their earnings forecast accuracy. Various psychological factors, such as decision style and personality traits, are documented to impact individuals' decision making. However,...

Purpose – The purpose of this study is to examine the impact of unidentifiable individual differences among financial analysts on the cross section of their earnings forecast accuracy. Design/methodology/approach – The paper employs the concept of analyst fixed effects to control for...

This study constructs composite forecasts and evaluates their contextual usefulness as a proxy for investors' expectations of annual earnings. Our empirical tests utilize composites of three forecast sources: financial analysts', time-series and security-price based forecasts. Our full sample...