This study examines the relationship between the value of financial analysts' recommendations and the intensity of firms' research and development (R&D) expenditures. We conduct univariate, portfolio and regression analyses using a sample of 8,620 public firms for the period 1993-2004. The...

We document a walk-down in GDP growth projections that is akin to that in sell-side analysts' earnings forecasts. While the walk-down in earnings forecasts has been generally attributed to the strategic interplay between corporate managers and sell-side analysts, professional macro forecasters...

We examine the effect on earnings forecast accuracy when financial analysts add or drop coverage. We find that the accuracy of analysts' first forecast for a firm (newly added coverage) is lower relative to their peers. In addition, the accuracy of their last forecast (just before coverage is...