We investigate the implications of recommendation-forecast consistency for the informativeness of stock recommendations … other. Defining a recommendation-forecast pair as consistent if both of them are above or below their existing consensus, we … find that 58.3% of recommendation-forecast pairs are consistent in our sample. We document that consistent pairs result in …

We consider forecast guidance as a mechanism that managers use to avoid negative earnings surprises. Modeling forecast … forecast guidance to avoid negative earnings surprises than managers in weak-investor-protection countries. We also show that … US managers are more prone to use forecast guidance to avoid negative earnings surprises than managers in other countries …

and improve at a slower rate during the forecast period. Further, cash flow forecasts appear to be a naïve extension of …

forecast properties. The evidence shows that analysts' earnings forecast accuracy is higher and the forecast dispersion is … higher forecast accuracy and less forecast dispersion in the non-Big Five auditor sample but not in the Big Five auditor …

revisions exceeds that which is implied by their earnings forecast revisions alone, indicating that analysts increase their … discount rate estimates after misstatements. Discount rate revisions have a larger effect than earnings forecast revisions upon …

We examine whether management earnings forecast errors exhibit serial correlation and how analysts understand the … serial correlation property of management forecast errors. Management forecast errors should not exhibit serial correlation … if managers efficiently process information in prior forecast errors and truthfully convey their earnings expectations …

when analysts forecast negative or large changes in EPS. We also compare the accuracy of a third forecast of longer …