systematically bias their earnings forecasts. Taken together, both drivers explain about 42% of the variability in earnings forecast …We predict and find that revisions are driven by the same determinants as forecast errors. In addition to the intuitive … downward revision to compensate for the initial induced forecast optimism …

are unable to identify the management forecast bias, but that they unravel the bias subsequently as it is revealed. While … management forecast bias behavior is purely unintentional. Overall, our evidence suggests that managers issue biased forecasts … announcement – a practice referred to as the “bundling” of earnings information. We examine whether managers bias these forecasts …

We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i … forecast revision consistency to convey information about bias in their earnings forecast revisions ….e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price …