' 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 …

This paper evaluates whether the primary and secondary dissemination of earnings forecast revisions by security …) of trading strategies based on the nonpublic knowledge of forecast revisions. For a sample of 288 weekly earnings … forecast revisions, the results were consistent with the hypothesis that early knowledge of forecast revisions could be used to …