We examine whether analysts' cash flow forecasts improve firm value. First, we analyze whether the joint issuance of financial analysts' earnings and cash flow forecasts improve firm value. Second, we analyze whether the quality of analysts' cash flow forecasts improve firm value. The empirical...

We investigate firms' propensity to meet analysts' forecasts of cash flows and earnings, and identify factors pertaining to market valuation, financial analysts, and firms' financial condition to explain why firms sometimes meet cash flow forecasts but miss earnings forecasts. Firms meet cash...

We examine whether the components of accruals and operating cash flows improve the predictive ability of earnings for forecasting future cash flows. We exploit data from Australia where actual cash flow components had been reported. Thus, we avoid data estimation errors and sample self-selection...

We examine how cash flow forecasts affect the market reaction to analysts’ earnings forecast revisions and, in particular, the post earnings forecast revision drift. We find that the initial market reaction to earnings forecast revisions is stronger when cash flow forecasts are available. The...