, revealed that managers' earnings or sales forecasts on average show a bias towards overoptimism. However, in the present study … the average firm is found to be very well able to correctly forecast its own future key figures. I suggest that public …

derive benchmarks for management revenue forecasts. With these benchmarks, we estimate forecast errors as an a priori measure … evidence of substantial upward forecast biases. We uncover that firms with large forecast errors fail significantly more often …

prior returns. This paper extends similar tests to examine management forecast characteristics. We find that, in contrast to … analyst forecast errors, management forecast errors cannot be predicted by prior returns or accruals. We also document that …

and all common-sized expenses except income tax, which they forecast pessimistically. Analysts are optimistic about both …

, and financial analyst forecast optimistic bias. We find that firms that adopt clawback provisions are followed by more … provisions and similar non-adopters. In particular, we examine financial analyst following, financial analyst forecast accuracy … financial analysts. We also find that financial analysts provide more accurate forecasts, and with less optimistic bias …

examine whether a disaggregation of the forecast into various sources of demand reduces forecast error and bias. Using … disaggregation alone is not sufficient to overcome heightened incentives of self-interested sales managers to positively bias the … forecasts incorporate human judgment, they are subject to both unintentional error and intentional opportunistic bias. We …

is mainly strategic or whether it also contains an element of cognitive bias. Despite the fact that forecast errors lack … stock returns, our new tests based on selection bias (SB1 and SB2), in conjunction with an analysis of abnormal trading … volume, confirm the presence of both cognitive bias and strategic behaviour in analyst forecasts. This shows that, although …

of forecast bias and (ii) investors' limited capability to adjust to this bias. We assume that the presence of a bias is … skills, all the more so the larger the uncertainty about the forecast bias … present a model in which forecast accuracy and timing are affected by information uncertainty stemming from (i) the presence …

We investigate the association between corporate international diversification and the accuracy and bias of consensus …