This paper quantifies the amount of noise and bias in analysts' forecast of corporate earnings at various horizons. We … next decompose the relative accuracy of these forecasts into three components: (i) noise, (ii) bias and (iii) analysts … both noise and bias are increase linearly. We then show most existing models lack a mechanism to account for these facts …

' forecast bias. Based on the theoretical literature on sell-side analysts, I argue that forecast bias is correlated to investors …

Using analysts' multi-period earnings forecasts, this paper investigates whether analyst forecast errors are related to … higher information uncertainty, and (3) forecasts with longer forecast horizons (e.g., forecasts issued far before fiscal … year end). Adding forecast errors to a growth-return regression substantially reduces the coefficient on asset growth …

earnings forecast optimism and positively associated with their forecast accuracy. Using multiple proxies for economic … incentives and cognitive biases, we find that individualism affects analyst forecast optimism and accuracy through the economic …