existing pure earnings-forecast momentum strategies and remain profitable after transaction costs. We show that analysts …

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 …

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

' 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 …

are relatively more pessimistic than the consensus forecast. This effect is stronger when the analyst is closer to the …

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 …