We test the implications of anchoring bias associated with forecast earnings per share (FEPS) for forecast errors … more positive forecast revisions, more negative forecast errors, and more negative earnings surprises after a stock split …

' 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 …

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 …

firms and often issue several forecasts in a single day. We find that forecast accuracy declines over the course of a day as … closely with the consensus forecast, by self-herding (i.e., reissuing their own previous outstanding forecasts), and by … issuing a rounded forecast. Finally, we find that the stock market understands these effects and discounts for analyst …

Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before … initial returns of initial public offerings (IPOs). We find the smaller the analyst forecast bias/dispersion, the lower the …