Kross, William J.; Ro, Byung T.; Suk, Inho - In: Journal of Accounting and Economics 51 (2011) 1, pp. 37-57
This paper provides evidence that firms that have consistently met or beaten analysts’ earnings expectations (MBE) provide more frequent “bad news” management forecasts than firms with no established string of MBE, particularly when existing analyst forecasts are optimistic. This suggests...