... conference call linguistic complexity two-way engagement informative technical disclosure analyst forecasts market reaction This paper examines whether analysts and investors efficiently incorporate the informational signals from managerial linguistic complexity during conference calls...

...Michael S. Drake; James R. Moon, Jr.; James D. Warren ABSTRACT We employ a novel machine learning technique to classify analysts’ forecast revisions into five types based on how the revision weighs publicly available signals. We label these forecast types as quant, sundry, contrarian, herder...

... benchmarking, and emphasizes the implications of our measure for analyst forecasting, executive compensation, credit risk, and valuation with multiples. These elements are missing in related concurrent work that adopts a firm-level focus shaped by fixed industry definitions (e.g., the focal firm is compared...

... from the sources identified in the paper. September 2016 April 2019 2020 limited attention analyst forecasts earnings announcements clustering We thank Mark T. Bradshaw (editor), Will Ciconte, Ed deHaan, Ross Garon, Cristi Gleason, Joost Impink, Justin Leiby, Michael...

... evidence of a reversal in pessimism in the spring. Additional analyses show that analyst forecasts exhibit less seasonality than equity returns, and that the presence of analyst forecasts in the fall is associated with attenuation in the seasonal pattern in stock returns. Overall, the evidence suggests...

... cross-sectional consistency is also associated with greater analyst coverage, more accurate analyst forecasts, decreased dispersion in analyst forecasts, and stronger stock return synchronicity. Data Availability: The accounting consistency measures developed in this study are available upon request...

... analyst forecasts as additional benchmarks in evaluating reported earnings because the consensus forecast underutilizes private information contained in individual analyst forecasts. We predict that measures reflecting such private information have incremental explanatory power over the consensus forecast...

... firms. Analysts do not generally incorporate tax-motivated loss shifting into their earnings forecasts, resulting in more negative analyst forecast errors for firms with tax-based incentives than for firms without. Holding earnings surprises constant, however, investors react less negatively to losses...