analysts' forecast revisions and prior stock price changes. We validate this measure by examining whether analysts with lower …. We find that the stock price impacts of forecast revisions issued by analysts with higher PPI are larger than those … of directors rely more on analysts' forecast errors in their CEO turnover decisions when firms are followed by analysts …

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 …

mechanism explains approximately 60% of the autocorrelation in analysts' forecast errors. The remainder stems from the cross …-sectional variation in mean forecast errors and in analysts' estimation errors of the persistence of earnings growth shocks. Consistent … reduces, but does not eliminate, the auto- correlation of forecast errors as firms age. Other potential explanations for the …

with analyst forecast revisions. First, the market does not make a sufficient distinction between revisions that provide …. Finally, a substantial portion of the delayed price adjustment occurs around subsequent earnings-announcement and forecast …

. We also find that analyst biases do not have an impact on forecast dispersion …