management forecast data from First Call and the NBER business cycle measure, we document that economic recession is positively … associated with forecast frequency and forecast error while is negatively related to forecast precision. We also analyse the … effect of managerial incentives during recession, and find that litigation risk negatively affects forecast frequency and …

analyst forecast revisions to news in management forecasts during downturns. Holding the amount of news in forecasts constant … to analyst forecasts, management forecast accuracy increases during downturns, suggesting that investors justifiably …

practical and important implications for users and disseminators of forecast information …