This survey reviews the literature on sell-side analysts' forecasts and their implications for asset pricing. We review the literature on the supply and demand forces shaping analysts' forecasting decisions as well as on the implications of the information they produce for both the cash flow and...

This survey reviews the literature on sell-side analysts' forecasts and its implications for asset pricing. We review the literature on the supply and demand forces shaping analysts' forecasting decisions as well as the implications of the information they produce for both the cash flow and the...

Fu, Kraft and Zhang (2012) use a hand-collected sample of firms with different interim reporting frequencies from 1951 to 1973 to test whether higher reporting frequency is associated with lower information asymmetry and a lower cost of equity capital. Their results suggest that firms with...

Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to...

We evaluate the influence of measurement error in analysts' forecasts on the accuracy of implied cost of capital estimates from various implementations of the ‘implied cost of capital' approach, and develop corrections for the measurement error. The implied cost of capital approach relies on...