We examine how analysts' earnings forecast properties vary when accounting information is more difficult to process …. Specifically, we investigate whether analysts' forecast properties are associated with traditional real earnings management (REM …) measures. We hypothesize and find that analysts' forecast errors and dispersion are greater for REM firms. Next, we investigate …

-relevant information in tax expense. When analysts issue both earnings and pre-tax income forecasts, they implicitly provide a forecast of … income tax expense. We posit that this implicit forecast helps investors recognize the persistence of current tax expense …

, higher forecast accuracy, and lower forecast dispersion. Moreover, the effect of product market power on analyst following … and forecast properties is more pronounced in countries with less effective competition laws and higher entry costs. These …

We examine how analysts' anticipation of a management forecast affects their search for private information. Analysts … publicly disclosed management forecast. However, this anticipation may also decrease analysts' efforts, because the information … in a management forecast could substitute for costly private information. We predict that higher costs (benefits) of …

We examine the effect on earnings forecast accuracy when financial analysts add or drop coverage. We find that the … accuracy of analysts' first forecast for a firm (newly added coverage) is lower relative to their peers. In addition, the … accuracy of their last forecast (just before coverage is dropped) is also lower relative to their peers. Further analysis shows …

We investigate whether the well-known positive association between past stock returns and analysts' earnings forecast … (EMH), we find that investors discount earnings forecast revisions by analysts who treat winners and losers differently …