how they plan to achieve their bottom-line earnings targets. We assess the effect of this forecast disaggregation on the …. First, disaggregation plays a more important role when earnings are otherwise more difficult to forecast. Second …

reinforcing and contradicting analyst forecast revisions issued during earnings announcements (days 0 and 1) on the market … response to unexpected earnings. We classify forecast revisions as reinforcing (contradicting) when the sign of analyst … forecast revisions agrees (disagrees) with the sign of unexpected earnings. We document larger (smaller) earnings response …