analysts observe the actions of investors and other analysts in order to more accurately forecast earnings and have the …

(earnings) forecasts. Finally, we show that bond investors' reaction to bond analysts' cash flow forecast revision is greater … than that to bond analysts' earnings forecast and that bond market reacts only to bond analysts' forecast revisions but not … to equity analysts' forecast revisions. This manifests bond investors' stronger demand for reliable information on future …

We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i ….e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price … revisions consistent in sign with the earnings forecast revisions, the sign of which is the sign of earnings forecast revision …

We examine how cash flow forecasts affect the market reaction to analysts’ earnings forecast revisions and, in … particular, the post earnings forecast revision drift. We find that the initial market reaction to earnings forecast revisions is … stronger when cash flow forecasts are available. The magnitude of the stock price drift following earnings forecast revisions …

flows vis-a-vis earnings is large; (3) analysts forecast extreme positive accruals; (4) analysts downwardly revise cash flow …

forecast properties. The evidence shows that analysts' earnings forecast accuracy is higher and the forecast dispersion is … higher forecast accuracy and less forecast dispersion in the non-Big Five auditor sample but not in the Big Five auditor …

unusually optimistic earnings forecast at the end of the year that increases the likelihood of an earnings miss. We first … difficult-to-beat forecast as a final earnings forecast prior to the earnings announcement that exceeds even the most optimistic … forecast issued by any other analyst covering the stock. We find that 11% of all firm-year observations are subject to at least …

: forecasting accuracy, forecast bias, and forecasting efficiency. Analysts' data are based on I/B/E/S. Our analysis shows the rapid …

assessment is relative to extrapolative time-series models of earnings forecasts. The paper's results show that the forecast … on extrapolative models' forecast errors is stronger than on analysts'. This finding is consistent with analysts' better … ability relative to extrapolative models to forecast the earnings of intangible firms, and with analysts' ability to process …