This paper examines analyst responses to management forecasts issued as a range, a large and growing proportion of those forecasts. We find that information conveyed through the four parameters of the management forecasts - the upper and lower bounds, the width, and the midpoint - explains...

This paper examines analysts' responses to range forecasts, a large and growing proportion all earnings guidance. We find that information conveyed through the four parameters of the management forecasts (the upper and lower bounds, the width, and the midpoint) explains changes in consensus...