achieve the analysts' specific strategic objectives. To investigate this motivation, we use economics based signaling theory … and psychology based support theory to develop our hypotheses and then employ multiple methods to investigate them. First … forecast revisions in an effort to diminish the negative impact on themselves of releasing bad (i.e. negative or downward) news …

(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 …

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

primarily driven by discount rate, long term growth rate and unpublished FCF forecast changes (NON FCF changes). We show … price is related to momentum, to company earnings exceeding consensus forecast and to the company recently having announced …

and all common-sized expenses except income tax, which they forecast pessimistically. Analysts are optimistic about both …