forecasts, this bias tending to be higher in countries with less investor protection. This forecast bias declined significantly …

via its impact on stock return synchronicity.We then examine if the difference between forecast and observed earnings for …

We consider forecast guidance as a mechanism that managers use to avoid negative earnings surprises. Modeling forecast … forecast guidance to avoid negative earnings surprises than managers in weak-investor-protection countries. We also show that … US managers are more prone to use forecast guidance to avoid negative earnings surprises than managers in other countries …