Brown, Lawrence; Huang, Kelly; Pinello, Arianna - In: Review of Quantitative Finance and Accounting 41 (2013) 4, pp. 723-752
We investigate the implications of firms’ benchmark-beating patterns with respect to analysts’ quarterly cash flow forecasts for firms’ current capital market valuation and their future performance. We hypothesize that nonnegative earnings surprises are more likely to be supported by real...
