In this paper, we examine the top-down forecast accuracy and divergence of market strategists for quarterly Earnings Per Share (EPS) forecasts for the S&P400 and S&P500 Indexes using the I/B/E/S summary database. We find that such forecasts are, on average, optimistically biased, and that the...

This appears to be the first investigation of the impact of bond index additions and deletions on the returns of bonds and stocks of the underlying issuers using various unconditional and conditional return-generating models. The effect of additions and deletions is symmetric for each asset...