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...

This study constructs composite forecasts and evaluates their contextual usefulness as a proxy for investors' expectations of annual earnings. Our empirical tests utilize composites of three forecast sources: financial analysts', time-series and security-price based forecasts. Our full sample...

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...

Purpose – The purpose of this study is to examine whether financial analysts mislead investors in recognizing the differential persistence of the three cash flow components of earnings, defined by Dechow et al. , in forecasting annual earnings. Design/methodology/approach – The paper uses...

Purpose – The purpose of this study is to examine whether financial analysts mislead investors in recognizing the differential persistence of the three cash flow components of earnings, defined by Dechow et al., in forecasting annual earnings. Design/methodology/approach – The paper uses...