... recommendation revisions earnings forecasts general analyst characteristics I rely on a two-step process to measure elicitation skill. In the first step, I calculate the length of managers’ responses to analysts’ questions during each call and standardize this measure using a within-call...

... are set closer to analyst forecasts when analysts have historically issued more accurate earnings forecasts. These results are robust to firm fixed effects and an instrumental variable approach. Further, we find that, following a plausibly exogenous decline in the availability of analyst earnings...

...-based fixed-effect difference-in-differences design, we find that the treated firms tend to make fewer (more) management earnings forecasts relative to the control firms when they expect litigation risk to be lower (higher) following the legal event. The results are concentrated on the earnings...

... price target revisions, and (3) future quarter earnings forecast revisions all predict error in the CQE forecast. We document several reasons analysts sometimes omit information from the CQE forecast: to facilitate beatable forecasts by suppressing positive news from the CQE forecast, to herd toward...

... of the lawsuit ( Rogers and Van Buskirk 2009 ). As the demand for or production of information provided by management decreases, I predict that investors likely demand additional information from other market participants. litigation security analysts information environment earnings forecasts...

...Mark T. Bradshaw; Lian Fen Lee; Kyle Peterson ABSTRACT The within-year walkdown of analysts' earnings forecasts has largely been attributed to analysts' incentives to curry favor with managers. We appeal to cognitive psychology literature on motivated reasoning and propose that forecasting...