' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both … with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those … difficulty investors have in identifying differences in expected forecast pessimism. Overall, we conclude that market prices do …

forecast when actual earnings exceed the consensus and the most pessimistic forecast when the consensus exceeds actual earnings …

forecasts. We find evidence consistent with our expectation that egregious forecast errors motivate analysts to work harder to … information. This increased reliance on private information reduces the mean forecast error for upcoming earnings (even after … individual forecast error is idiosyncratic, and thus averaged out in the computation of the mean forecast …

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

reflect the predictable component of analyst forecast errors. This evidence conflicts with conclusions in prior research … characteristic and analyst forecasts predicts future analyst forecast errors, forecast revisions, and changes in buy …/sell recommendations. I document abnormal returns to a strategy that sorts firms based on predicted forecast errors, consistent with …

earnings forecasters, we see that small adjustments to the model forecasts lead to more forecast accuracy. Based on past track …