differential 'profits management.' The paper discusses implications of the results for studies of analysts forecast bias, earnings …

We investigate the implications of recommendation-forecast consistency for the informativeness of stock recommendations … other. Defining a recommendation-forecast pair as consistent if both of them are above or below their existing consensus, we … find that 58.3% of recommendation-forecast pairs are consistent in our sample. We document that consistent pairs result in …

Earnings forecasts can be useful for investment decisions. Research on earnings forecasts has focused on forecast … determine the value of the forecast and also investigate to what extent the timing of the forecast can be modeled. We propose a … clear drivers of the value and the timing of the earnings forecast. We thus show that not only the forecasts themselves are …

and magnitude of accruals. Finally, we find a significant market reaction to analysts' cash flow forecast revisions …

assessment is relative to extrapolative time-series models of earnings forecasts. The paper's results show that the forecast … on extrapolative models' forecast errors is stronger than on analysts'. This finding is consistent with analysts' better … ability relative to extrapolative models to forecast the earnings of intangible firms, and with analysts' ability to process …