present a model in which forecast accuracy and timing are affected by information uncertainty stemming from (i) the presence … of forecast bias and (ii) investors' limited capability to adjust to this bias. We assume that the presence of a bias is … affects the trade-off between timeliness and forecast quality. We find that the optimal forecasting time varies non …

uncertainty, as reflected by greater timeliness with no loss in forecast accuracy. In contrast, analysts have greater difficulty … dealing with heightened market uncertainty, as both timeliness and forecast accuracy decline …