yet-to-be-announced firm performance and convey earnings news, even for firms less likely to forecast if forecasting were …; the act of forecasting and forecast timing provide some information, but no significant incremental earnings news is …

We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i ….e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price … revisions consistent in sign with the earnings forecast revisions, the sign of which is the sign of earnings forecast revision …

intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the … accrual and forecast revision strategies generate returns of 15.5% and 5.5% when implemented independently. Strikingly, a … combined strategy that uses forecast revisions to refine the accrual strategy generates a return of 28.5%. Firms with …

intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the … accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly …, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms …