Previous research finds that EPS growth is difficult to predict and reasons that much of the observed variation in valuation multiples is due to mispricing (e.g., Lakonishok, Shleifer, and Vishny, 1994; Chan, Karceski, and Lakonishok, 2003; Israel, Laursen, and Richardson, 2021). We revisit these...

This study explores whether meeting or beating management forecasts is indicative of managerial talent. We find that the market reacts positively when firms meet or beat their management forecasts after controlling for meeting or beating analyst forecasts and management forecast errors. Further...

This study examines the usefulness of analysts’ book value forecasts and the economic factors driving analysts’ issuance of these forecasts. We first establish that analysts’ book value forecasts are superior to forecasts that are mechanically imputed from analysts’ own earnings...