This paper investigates the relationships among cross-sectional stock returns and analysts' forecast revisions …, forecast dispersion and momentum. Market rewards the strategy in pursuit of revision up and away from revision down by 22 …-2015 periods. Revision up and revision down betas account for most of the momentum strategy and over half of forecast dispersion …

macroeconomic forecasts are optimistic than non-optimistic, and whether this difference in analyst forecast optimism is stronger …. We also find that the long-horizon earnings forecast dispersion is lower in periods when the long-horizon macroeconomic … is no recession and macroeconomic forecast is optimistic are likely to have opportunistically biased their long …