This study addresses the impact of firm- and time-specific attributes on the accuracy of composite forecasts of annual earnings, constructed from time-series, price-based, and analysts' forecasts. The attributes examined include firm size, analysts' coverage, and time periods pre-dating and...

Recent accounting and finance literature has introduced the term returns synchronicity, the relation of firm-specific returns to market-wide and industry-wide returns. This paper evaluates the power of fundamental synchronicity, proxied by financial accounting performance measures, to explain...

This paper re-examines recent evidence of securities market mispricing that is associated with share-price scaled measures of financial analysts' earnings forecasts reported in Elgers, et al. (2001). The paper is motivated by inferences in Brown and Pfeiffer (2002) that a well known quot;share...

This paper documents that the weighting of analysts' annual earnings forecasts implicit in security prices is lower than the historical relation between financial analysts' forecasts and realized earnings. Short positions in securities in the bottom decile and long positions in the top decile of...

This paper reassesses evidence of anticipatory income smoothing reported in DeFond and Park (1997) in light of knowledge about the shortcomings in the model used to identify the managed component of reported earnings. Our tests demonstrate that the empirical results reported in DeFond and Park...

This paper re-evaluates evidence in Ayers and Freeman [Ayers, F., Freeman, R., 1997. Market assessment of industry and firm earnings information. Journal of Accounting and Economics 24, 205-218] suggesting that investors anticipate industry-wide components of earnings earlier than firm-specific...