On September 20, 2016, the Japan Securities Dealers Association implemented guidelines that prohibited securities sell-side analysts to obtain an earnings preview before the earnings' official release. We examine the unique impact of the guidelines on market behavior and analyst forecasts in the...

An analysis of about 300000 earnings forecasts, created by 18000 individual forecasters for earnings of over 300 S&P listed firms, shows that these forecasts are predictable to a large extent using a statistical model that includes publicly available information. When we focus on the...