This paper is the first attempt to provide an objective assessment of the quality of real estate funds from operations (FFO) forecasts. The work, which looks past the more primitive question concerning the appropriate measure for real estate earnings, quantifies and tests the quality of real...

This study examines the effect of macroeconomic uncertainty on the accuracy of management earnings forecasts. Focusing on Japanese management earnings forecasts, which are effectively mandated, I find that during periods of high macroeconomic uncertainty, firms tend to report accurate earnings...

We document a walk-down in GDP growth projections that is akin to that in sell-side analysts' earnings forecasts. While the walk-down in earnings forecasts has been generally attributed to the strategic interplay between corporate managers and sell-side analysts, professional macro forecasters...

I use controlled experiments to investigate the joint effects of forecast precision and forecast uncertainty on investor judgments. I find that forecast precision moderates the effects of forecast uncertainty on investors’ forecast reliability judgments such that the effects of forecast...

Prior research finds that investors have difficulty pricing corporate innovation. This paper investigates the role of long-term growth forecasting financial analysts in the efficiency of stock prices and consensus sell-side analyst forecasts, with respect to information about firms' innovative...

We investigate whether and to what extent aggregate earnings forecasts by sell-side analysts and forecasts of macroeconomic indicators by economists convey different information about the macroeconomy, and whether such differences have implications for forecast efficiency and the stock market....

Studying the determinants of management forecast precision is important because a better understanding of the factors affecting management’s choice of forecast precision can provide investors and other users with cues about the characteristics of the information contained in the forecasts. In...

Financial modeling and forecasting is important for current and future sales for firms and the financial actors within the firm. It doesn't only tell you where you need to go but also reminds you of where you have been. It tells you the past, current, and future numbers. With these numbers a...

This paper focuses on the ability of aggregate income to forecast GDP growth in the Eurozone and, particularly, on the role that special items play in propitiating it by incorporating conditional conservatism. We contribute to the previous literature by discussing the ability of aggregate micro...