We examine how cash flow forecasts affect the market reaction to analysts’ earnings forecast revisions and, in particular, the post earnings forecast revision drift. We find that the initial market reaction to earnings forecast revisions is stronger when cash flow forecasts are available. The...

This paper examines price reactions to analysts' recommendations issued in the opposite direction of recent stock price movements. We find that upgrade and downgrade contrarian recommendations induce larger market reactions than non-contrarian recommendations, consistent with the view that they...