In this paper, we compare First Call analyst forecasts to unofficial forecasts of quarterly earnings per share commonly referred to as whisper forecasts. Our analysis yields the following results. First, we find that whispers are, on average, more accurate than First Call forecasts and are...

The purpose of the paper is to compare unofficial forecasts of earnings known as quot;whispersquot; to forecasts generated by First Call analysts. Our sample consists of approximately 900 whispers found primarily on message boards on investor web sites between 1995 and 1997. Our analysis yields...

Abstract, Part I: This paper uses periods of unusually heavy earnings estimate revision activity by analysts to assess the relative usefulness of corporate information events (CIEs) in firm valuation. Because accounting information is more readily available, newsworthy and accessible, we...

In Part I of this study, we evaluated the relative usefulness of information in alternative corporate information events (CIEs) to analysts by examining the frequency with which they trigger clusters of analysts' earnings estimate revisions. In Part II, we examine investor response to various...

This paper uses periods of unusually heavy earnings estimate revision activity by analysts to assess the relative usefulness of corporate information events (CIEs) in firm valuation. Because accounting information is more readily available, newsworthy and accessible, we hypothesize that CIEs...