analyst forecasts. We focus on rounding as arguably the most salient forecast feature. We find that while rounding is only … marginally associated with forecast accuracy, investors attribute to it undue significance. Investors view rounding as distinctly … informative to other analyst characteristics that determine forecast accuracy and the likelihood of rounding. Unlike previous …

We substantially improve cross-sectional earnings forecast models, such as Hou, van Dijk, and Zhang (2012), by …

We examine the adoption effect of ASC 606 on revenue informativeness, analyst forecast dispersion, and forecast errors … forecast accuracy and consensus. Such adoption effects are mainly temporary and focused in firms that are more affected by the … informativeness and lower analyst forecast error than firms using the modified retrospective method …

-based equity valuation and market value of equity we introduce two new concepts: coincident and forecast relevance of accounting … coincident and forecast relevance by estimating Ohlson model parameters with country panel regressions for exchange …-listed companies from France and Germany. The results confirm that coincident relevance is stronger than forecast relevance in both …

reliance does not translate into an increased impact per unit of each non-fundamental factor on forecast bias. Finally, our …

intermediaries. Prior research finds that accruals and analyst earnings forecast revisions predict future returns. We find that the … accrual and forecast revision strategies generate hedge returns of 15.5% and 5.5% when implemented independently. Strikingly …, a combined strategy that uses forecast revisions to refine the accrual strategy generates a hedge return of 28.5%. Firms …