This study examines individual analyst forecast revisions of annual earnings to provide insight into “walkdown ….7 percent of analyst-firm-year forecast revisions during 2001 – 2021 exhibit walkdown behavior. In contrast, 40.8 percent of … analyst’s first forecast is optimistic, her final forecast is similarly likely to be slightly optimistic as slightly …

' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both … with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those … difficulty investors have in identifying differences in expected forecast pessimism. Overall, we conclude that market prices do …

analyst forecasts. We focus on rounding as arguably the most salient forecast feature. We find that while rounding is only … marginally associated with forecast accuracy, investors attribute to it undue significance. Investors view rounding as distinctly … informative to other analyst characteristics that determine forecast accuracy and the likelihood of rounding. Unlike previous …

is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack …

forecast and the subsequent earnings announcement. Thus, when firms disaggregate forecasts and subsequently release … multiple benchmarks. Thus, we show that issuing a disaggregated earnings forecast to achieve the associated benefits can …

aspect of this research paradigm by examining investor response to analyst forecast revisions using accounting restatements … convey about forecast accuracy inrestatement firms than in non-restatement firms. The evidence also suggests that the level … analysis demonstrates that the innovation in forecast revisions also affects the association between investor response and …

We correlate analysts' forecast errors with temporal variation in investor sentiment. We find that when sentiment is … “uncertain” or “difficult to value” firms. Adding these forecast errors to a regression of stock returns on sentiment absorbs a …