We examine the sophistication of analysts' cash flow forecasts to better understand what accrual adjustments, if any … triangulate our conclusion that analysts' cash flow forecasts incorporate meaningful accrual adjustments. First, we review a … and magnitude of accruals. Finally, we find a significant market reaction to analysts' cash flow forecast revisions …

We investigate the role of analysts' cash flow forecasts in mitigating the accrual anomaly in an international setting …. Based on a sample from 20 world market economies, we find less market overestimation of the accrual component of earnings … primary communication channels in the capital markets. We also find the accrual anomaly to be less severe when analysts …

We investigate the role of analysts’ cash flow forecasts in mitigating the accrual anomaly in an international setting …. Based on a sample from 20 world market economies, we find less market overestimation of the accrual component of earnings … primary communication channels in the capital markets. We also find the accrual anomaly to be less severe when analysts …

more accurate. The results are incremental to explanations based on the improved accrual quality, reduced manipulation of …