investment banking business. Although analysts sacrifice their forecast accuracy by overweighting management guidance, they … wishing to please managers are optimistic in their long-term earnings forecasts, they take their cue from management when …

reinforcing and contradicting analyst forecast revisions issued during earnings announcements (days 0 and 1) on the market … response to unexpected earnings. We classify forecast revisions as reinforcing (contradicting) when the sign of analyst … forecast revisions agrees (disagrees) with the sign of unexpected earnings. We document larger (smaller) earnings response …

management earnings forecasts. Managers often provide detailed forecasts of specific income statement line items to shed light on … how they plan to achieve their bottom-line earnings targets. We assess the effect of this forecast disaggregation on the … forecasts, we find that disaggregation increases analysts' sensitivity to the news in managers' earnings guidance, suggesting …

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 …

forecasts by 25.3%. This study may be the first of its kind to assess analyst earnings forecast accuracy at all listed companies …

' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both … with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those … difficulty investors have in identifying differences in expected forecast pessimism. Overall, we conclude that market prices do …

from the target firms. Furthermore, analysts' incentives could be influenced by the employer's other affairs with the …: forecasting accuracy, forecast bias, and forecasting efficiency. Analysts' data are based on I/B/E/S. Our analysis shows the rapid …

This study examines the stock-price reactions to analyst forecast revisions around earnings announcements to test … suggests that prior studies' finding of weaker (stronger) stock-price responses to forecast revisions in the period immediately …

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 …

intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the … accrual and forecast revision strategies generate returns of 15.5% and 5.5% when implemented independently. Strikingly, a … combined strategy that uses forecast revisions to refine the accrual strategy generates a return of 28.5%. Firms with …