future forecast accuracy. Our findings suggest that, while these regulatory changes effectively reduce analysts' optimistic …

is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack …

expected in stock prices and actual forecast errors are limited to certain cases. Aanalysts expedite the propagation of …

' 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 …

associated with the previous time periods information demand. However, the magnitude of the contemporaneous positive association …

individual analysts' forecasts. Using forecast accuracy improvements, forecast boldness, and the price impact of forecasts as … measures of forecast quality, we find that in the information discovery phase that precedes an earnings announcement event …

inflation) account for 80% of short-rate forecast error variance, with more than half of that number attributed to the Fed … easing more aggressively than the public expected. Short-rate forecast errors induce ex post predictability of excess returns … on Treasury bonds that is not due to time-varying risk premium …