... actuals are likely to obtain less accurate analyst earnings forecasts, smaller analyst earnings forecast revisions conditional on earnings surprises, greater analyst forecast dispersion, and smaller market reaction to earnings surprises than do studies adjusting for these differences. Second, studies...

...Xiaohui Gloria Liu; Ramachandran Natarajan ABSTRACT Financial analysts' forecast dispersion has been used in a variety of contexts in accounting and finance studies. In this study, we provide large sample evidence on the cross-sectional determinants of forecast dispersion and examine to what...