The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research

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[17]  B. Lev,et al.  Fundamental Information Analysis , 1993 .

[18]  L. Brown,et al.  Earnings Forecasting Research: Its Implications for Capital Markets Research , 1993 .

[19]  Bond and Stock Market Response to Unexpected Earnings Announcements , 1993 .

[20]  Commentary on: Lawrence D. Brown “Earnings forecasting research: its implications for capital markets research” , 1993 .

[21]  I. Haw,et al.  The Accuracy of Financial Analysts' Forecasts after Mergers , 1994 .

[22]  Brett Trueman.  Analyst Forecasts and Herding Behavior , 1994 .

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[24]  Atulya Sarin,et al.  The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividend Clienteles , 1994, Journal of Financial and Quantitative Analysis.

[25]  Sok-Hyon Kang,et al.  Analysts' Interim Earnings Forecasts: Evidence on the Forecasting Process , 1994 .

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[27]  Josef Lakonishok,et al.  Momentum Strategies , 1995 .

[28]  Robert E. Verrecchia,et al.  Analysts' forecasts as proxies for investor beliefs in empirical research , 1995 .

[29]  S. Dasgupta,et al.  The Cross-Section of Stock Returns: Evidence from Emerging Markets , 1995 .

[30]  Lisa Koonce,et al.  Investor Reactions to Financial Analysts' Research Reports , 1995 .

[31]  Overstated Quarterly Earnings and Analysts' Earnings Forecast Revisions* , 1995 .

[32]  Siva Nathan,et al.  The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations* , 1995 .

[33]  L. Brown,et al.  Analysts' Use of Earnings Forecasts in Predicting Stock Returns: Forecast Horizon Effects , 1995 .

[34]  Baruch Lev,et al.  To warn or not to warn: Management disclosures in the face of an earnings surprise , 1995 .

[35]  Christine I Wiedman,et al.  Evidence from Archival Data on the Relation Between Security Analysts' Forecast Errors and Prior Forecast Revisions* , 1995 .

[36]  L. Ederington,et al.  Bond Rating Agencies and Stock Analysts: Who Knows What When? , 1996, Journal of Financial and Quantitative Analysis.

[37]  Rafael La Porta,et al.  Expectations and the Cross-Section of Stock Returns , 1996 .

[38]  Christine I Wiedman.  The Relevance of Characteristics of the Information Environment in the Selection of a Proxy for the Market's Expectations for Earnings -- An Extension of Brown, Richardson and Schwager [1987] , 1996 .

[39]  Kent L. Womack.  Do Brokerage Analysts' Recommendations Have Investment Value? , 1996 .

[40]  Laureen A. Maines.  An experimental examination of subjective forecast combination , 1996 .

[41]  Kee H. Chung,et al.  The Impact of Security Analysts' Monitoring and Marketing Functions on the Market Value of Firms , 1996, Journal of Financial and Quantitative Analysis.

[42]  Patrick E. Hopkins,et al.  The Effect of Financial Statement Classification of Hybrid Financial Instruments on Financial Analysts' Stock Price Judgments , 1996 .

[43]  K. Ely,et al.  The Interdependent Use of Earnings and Dividends in Financial Analysts' Earnings Forecasts , 1996 .

[44]  Orie E. Barron,et al.  Trading Volume and Different Aspects of Disagreement Coincident with Earnings Announcements , 1996 .

[45]  N. Fargher,et al.  Evidence that Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings: An Experimental Markets Approach* , 1997 .

[46]  H. Servaes,et al.  Analyst Following of Initial Public Offerings , 1997 .

[47]  Value Line and I/B/E/S Earnings Forecasts in the Presence of Nonrecurring Gains and Losses: Evidence of Inconsistency , 1997 .

[48]  E. Fama.  Market Efficiency, Long-Term Returns, and Behavioral Finance , 1997 .

[49]  L. Brown,et al.  A Re-Examination of Financial Analysts' Differential Earnings Forecast Accuracy , 1997 .

[50]  Linda S. McDaniel,et al.  Implications of Proposed Segment Reporting Standards for Financial Analysts? Investment Judgments , 1997 .

[51]  J. Francis,et al.  Management communications with securities analysts , 1997 .

[52]  Brian J. Bushee,et al.  Fundamental Analysis Future Earnings, and Stock Prices , 1997 .

[53]  Beverly R. Walther,et al.  Investor Sophistication and Market Earnings Expectations , 1997 .

[54]  R. H. Willis,et al.  Do security analysts improve their performance with experience , 1997 .

[55]  Maureen F. McNichols,et al.  Self-selection and Analyst Coverage , 1997 .

[56]  Patricia M. Dechow,et al.  Returns to contrarian investment strategies: Tests of naive expectations hypotheses , 1997 .

[57]  Sok-Tae Kim,et al.  Market Structure, Informed Trading, and Analysts' Recommendations , 1997, Journal of Financial and Quantitative Analysis.

[58]  Returns to Contrarian Investment Strategies: Tests of Naive Expectations Hypotheses , 1997 .

[59]  Jennifer Francis,et al.  The relative informativeness of analysts' stock recommendations and earnings forecast revisions , 1997 .

[60]  J. Stein,et al.  A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset Markets , 1997 .

[61]  Jing Liu,et al.  Stock Returns and Accounting Earnings , 1998 .

[62]  Orie E. Barron,et al.  Using Analysts' Forecasts to Measure Properties of Analysts' Information Environment , 1998 .

[63]  Carolyn B. Levine,et al.  Earnings Predictability and Bias in Analysts? Earnings Forecasts , 1998 .

[64]  D. Burgstahler,et al.  Earnings Management to Avoid Losses and Earnings Decreases: Are Analysts Fooled?* , 2003 .

[65]  Rachel M. Hayes.  The impact of trading commission incentives on analysts' stock coverage decisions and earnings forecasts , 1998 .

[66]  Robert S. Harris,et al.  Fundamental information and share prices in Japan: evidence from earnings surprises and management predictions , 1998 .

[67]  Maureen F. McNichols,et al.  Underwriting relationships, analysts' earnings forecasts and investment recommendations , 1998 .

[68]  G. Löffler.  Biases in analyst forecasts: cognitive, strategic or second-best? , 1998 .

[69]  Jeffrey D. Kubik,et al.  Security Analysts' Career Concerns and Herding of Earnings Forecasts , 1998 .

[70]  Daryl M. Guffey,et al.  Information Conveyed in Announcements of Analyst Coverage , 1998 .

[71]  J. Graham.  Herding Among Investment Newsletters: Theory and Evidence , 1998 .

[72]  Mark H. Lang,et al.  Corporate Disclosure Policy and Analyst Behavior , 1998 .

[73]  J. Blin,et al.  Forecasting earnings composite variables, financial anomalies, and efficient Japanese and U.S. portfolios , 1998 .

[74]  S. Brooks Marshall,et al.  Content Analysis of Information Cited in Reports of Sell-Side Financial Analysts , 1998 .

[75]  David E. Runkle,et al.  Are Financial Analysts' Forecasts of Corporate Profits Rational? , 1998, Journal of Political Economy.

[76]  Kent D. Daniel,et al.  Presentation Slides for 'Investor Psychology and Security Market Under and Overreactions' , 1998 .

[77]  D. Eric Hirst,et al.  Comprehensive income reporting and analysts' valuation judgments , 1998 .

[78]  Charles M. C. Lee,et al.  Accounting valuation, market expectation, and cross-sectional stock returns , 1998 .

[79]  Terence Lim,et al.  Bad News Travels Slowly: Size, Analyst Coverage and the Profitability of Momentum Strategies , 1998 .

[80]  James E. Hunton,et al.  Analysts' Reactions to Earnings Preannouncement Strategies , 2002 .

[81]  R. Houston,et al.  Purchase, Pooling, and Equity Analysts' Valuation Judgments , 1999 .

[82]  R. H. Willis,et al.  Does Forecast Accuracy Matter to Security Analysts , 1999 .

[83]  Patricia M. Dechow,et al.  An empirical assessment of the residual income valuation model1 , 1999 .

[84]  Michael B. Clement.  Analyst Forecast Accuracy: Do Ability, Resources and Portfolio Complexity Matter? , 1999 .

[85]  Debra C. Jeter,et al.  The effect of reporting restructuring charges on analysts’ forecast revisions and errors , 1999 .

[86]  B BlockStanley,et al.  A Study of Financial Analysts: Practice and Theory , 1999 .

[87]  Bruce K. Billings,et al.  Book‐to‐Market Components, Future Security Returns, and Errors in Expected Future Earnings , 2001 .

[88]  Orie E. Barron,et al.  MD&A Quality as Measured by the SEC and Analysts' Earnings Forecasts* , 1999 .

[89]  Krishna G. Palepu,et al.  Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure , 1999 .

[90]  Orie E. Barron,et al.  Differential interpretations and trading volume , 1999 .

[91]  Roni Michaely,et al.  Conflict of interest and the credibility of underwriter analyst recommendations , 1999 .

[92]  John C. Easterwood,et al.  Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism? , 1999 .

[93]  M. McNichols,et al.  Does Meeting Expectations Matter? Evidence from Analyst Forecast Revisions and Share Prices , 1999 .

[94]  Margaret A. Neale,et al.  Expertise in forecasting performance of security analysts , 1999 .

[95]  Elizabeth Plummer,et al.  Transitory and persistent earnings components as reflected in analysts' short-term and long-term earnings forecasts: evidence from a nonlinear model , 1999 .

[96]  Richard G. Sloan,et al.  Earnings Surprises, Growth Expectations, and Stock Returns: Don't Let an Earnings Torpedo Sink Your Portfolio , 1999 .

[97]  Patricia M. Dechow,et al.  The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings , 1999 .

[98]  Dan Givoly,et al.  The Rewards to Meeting or Beating Earnings Expectations , 1999 .

[99]  Uday Chandra,et al.  The Use of Trade Association Disclosures by Investors and Analysts: Evidence from the Semiconductor Industry* , 1999 .

[100]  R. Zeckhauser,et al.  Earnings Management to Exceed Thresholds , 1999 .

[101]  Thomas Russell,et al.  A Positive Model of Earnings Forecasts: Top Down Versus Bottom Up , 2000 .

[102]  Dawn Matsumoto,et al.  Do Conference Calls Affect Analysts' Forecasts? , 2001 .

[103]  I. Welch.  Herding among security analysts , 2000 .

[104]  Zhaoyang Gu,et al.  Earnings Skewness and Analyst Forecast Bias , 2000 .

[105]  Earl K. Stice,et al.  Analyst Forecasting Ability and the Stock Price Reaction to Forecast Revisions , 2000 .

[106]  Mary E. Barth,et al.  Analyst Coverage and Intangible Assets , 2000 .

[107]  An Approach to Adjusting Analysts' Consensus Forecasts for Selection Bias* , 2000 .

[108]  Jing Liu,et al.  Equity Valuation Using Multiples , 2000 .

[109]  Charles M. C. Lee,et al.  Toward an Implied Cost of Capital , 2000 .

[110]  Philip B. Shane,et al.  Investor and (Value Line) Analyst Underreaction to Information About Future Earnings: The Corrective Role of Non-Earnings-Surprise Information , 2000 .

[111]  Analysts' Reactions to Warnings of Negative Earnings Surprises , 2000 .

[112]  Christine Botosan,et al.  Motivations for Changes in Disclosure Frequency and Its Consequences: An Examination of Voluntary Quarterly Segment Disclosures , 2000 .

[113]  James J. Choi.  The Value Line Enigma: The Sum of Known Parts? , 2000, Journal of Financial and Quantitative Analysis.

[114]  Gerald A. Feltham,et al.  The Relation between Market Values, Earnings Forecasts, and Reported Earnings , 2000 .

[115]  M. Bradshaw.  How Do Analysts Use Their Earnings Forecasts in Generating Stock Recommendations? , 2000 .

[116]  Padma Kadiyala,et al.  Investor Reaction to Corporate Event Announcements: Under-Reaction or Over-Reaction? , 2002 .

[117]  S. Rock,et al.  Analyst following and count-data econometrics , 2000 .

[118]  Chenchuramaiah T. Bathala.  Expertise in Forecasting Performance of Security Analysts , 2000 .

[119]  Richard G. Sloan,et al.  Gaap Versus the Street: An Empirical Assessment of Two Alternative Definitions of Earnings , 2000 .

[120]  Charles E. Wasley,et al.  Capital Markets Research in Accounting , 2001 .

[121]  Lawrence D. Brown,et al.  Comparing the Value Relevance of Two Operating Income Measures , 2001 .

[122]  Terence Lim,et al.  Rationality and Analysts' Forecast Bias , 2001 .

[123]  Lawrence D. Brown,et al.  How Important Is Past Analyst Forecast Accuracy? , 2001 .

[124]  Scott A. Richardson,et al.  The Walk-down to Beatable Analyst Forecasts: The Role of Equity Issuance and Insider Trading Incentives* , 2004 .

[125]  M. W. Nelson,et al.  Experimental Research in Financial Accounting , 2001 .

[126]  M. Bradshaw.  The Use of Target Prices to Justify Sell-Side Analysts' Stock Recommendations , 2001 .

[127]  Alon Brav,et al.  An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics , 2001 .

[128]  Jacob K. Thomas,et al.  Equity Premia as Low as Three Percent? Evidence from Analysts' Earnings Forecasts for Domestic and International Stock Markets , 2001 .

[129]  Steven R. Matsunaga,et al.  The Effect of Missing a Quarterly Earnings Benchmark on the CEO'S Annual Bonus , 2001 .

[130]  Steve C. Lim,et al.  The Inefficiency of the Mean Analyst Forecast as a Summary Forecast of Earnings , 2001 .

[131]  T. Day,et al.  Following the leader: ☆: a study of individual analysts’ earnings forecasts , 2001 .

[132]  Lawrence D. Brown.  Small Negative Surprises: Frequency and Consequence , 2001 .

[133]  Mark L. DeFond,et al.  An Empirical Analysis of Analysts' Cash Flow Forecasts , 2001 .

[134]  R. H. Willis,et al.  The Effect of Experience on Security Analyst Underreaction and Post-Earnings-Announcement Drift , 2003 .

[135]  L. Brown.  A Temporal Analysis of Earnings Surprises: Profits Versus Losses , 2001 .

[136]  Bruce D. Phelps.  Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns , 2001 .

[137]  Paul E. Fischer,et al.  Imperfect Information and Credible Communication , 2001 .

[138]  Lisa M. Sedor.  An Explanation for Unintentional Optimism in Analysts' Earnings Forecasts , 2002 .

[139]  Donal Byard,et al.  Corporate Disclosure Quality and Properties of Analysts' Information Environment , 2003 .

[140]  S. Kothari,et al.  Determinants of the Informativeness of Analyst Research , 2003 .

[141]  Sundaresh Ramnath,et al.  Investor and Analyst Reactions to Earnings Announcements of Related Firms: An Empirical Analysis , 2002 .

[142]  Sudipta Basu,et al.  Loss Function Assumptions in Rational Expectations Tests on Financial Analysts' Earnings Forecasts , 2002 .

[143]  A. Purnanandam,et al.  Are Ipos Really Underpriced? , 2002 .

[144]  Accounting Policy Disclosures and Analysts' Forecasts , 2002 .

[145]  Henock Louis.  Earnings Management and the Market Performance of Acquiring Firms , 2002 .

[146]  W. Thomas,et al.  The Implications of Using Stock-Split Adjusted I/B/E/S Data in Empirical Research , 2003 .

[147]  Jose M. Arau.  A Positive Model of Earnings Forecasts: Top Down versus Bottom Up , 2002 .

[148]  Karl V. Lins,et al.  Adrs, Analysts, and Accuracy: Does Cross Listing in the U.S. Improve a Firm's Information Environment and Increase Market Value? , 2002 .

[149]  Gregory S. Miller,et al.  Managerial and Investor Responses to Disclosure Regulation: The Case of Reg Fd and Conference Calls , 2004 .

[150]  John A. Doukas,et al.  A Test of the Errors-in-Expectations Explanation of the Value/Glamour Stock Returns Performance: Evidence from Analysts' Forecasts , 2001 .

[151]  David M. Reeb,et al.  International Diversification and Analysts' Forecast Accuracy and Bias , 2002 .

[152]  Edward J. Riedl,et al.  High-Technology Intangibles and Analysts' Forecasts , 2002 .

[153]  J. D. Villiers.  Why New Issues and High-Accrual Firms Underperform: The Role of Analysts' Credulity , 2002 .

[154]  Karl V. Lins,et al.  Concentrated Control, Analyst Following and Valuation: Do Analysts Matter Most When Investors are Protected Least? , 2003 .

[155]  Sundaresh Ramnath,et al.  Underreaction to Self-Selected News Events: The Case of Stock Splits , 2002 .

[156]  Steven M. Glover,et al.  The Association Between Trading Recommendations and Broker-Analysts' Earnings Forecasts , 2002 .

[157]  Christopher J. Malloy,et al.  Differences of Opinion and the Cross Section of Stock Returns , 2002 .

[158]  Ashiq Ali,et al.  Residual-Income-Based Valuation Predicts Future Stock Returns: Evidence on Mispricing Versus Risk Explanations , 2002 .

[159]  Orie E. Barron,et al.  Changes in Analysts' Information around Earnings Announcements , 2002 .

[160]  Stanimir Markov,et al.  The Effectiveness of Regulation Fd , 2003 .

[161]  Richard R. Mendenhall.  Arbitrage Risk and Post-Earnings-Announcement Drift , 2002 .

[162]  Timothy C. Johnson,et al.  Unifying Underreaction Anomalies , 2002 .

[163]  R. H. Willis,et al.  Do Security Analysts Exhibit Persistent Differences in Stock Picking Ability , 2004 .

[164]  How Do Analyst Recommendations Respond to Major News? , 2002 .

[165]  P. Weller,et al.  Quantifying Cognitive Biases in Analyst Earnings Forecasts , 2002 .

[166]  J. Earl.  Do Analysts and Auditors Use Information in Accruals , 2002 .

[167]  Cristi A. Gleason,et al.  Analyst Forecast Revisions and Market Price Discovery , 2003 .

[168]  Analyst Earnings Forecast Revisions and the Pricing of Accruals , 2004 .

[169]  Yuan Zhang,et al.  Regulation FD and the Financial Information Environment: Early Evidence , 2003 .

[170]  Senyo Tse,et al.  Do Investors Respond to Analysts' Forecast Revisions as if Forecast Accuracy Is All That Matters? , 2003 .

[171]  Jeffrey D. Kubik,et al.  Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts , 2003 .

[172]  Haim A. Mozes.  Accuracy, usefulness and the evaluation of analysts’ forecasts , 2003 .

[173]  Sarah E. Bonner,et al.  Sophistication‐Related Differences in Investors' Models of the Relative Accuracy of Analysts' Forecast Revisions , 2003 .

[174]  The Implications of Using Stock-Split Adjusted I/B/E/S Data in Empirical Research , 2003 .

[175]  P. Elgers,et al.  Analysts’ vs. investors’ weightings of accruals in forecasting annual earnings , 2003 .

[176]  Reuven Lehavy,et al.  Biased Forecasts or Biased Earnings? The Role of Reported Earnings in Explaining Apparent Bias and Over/Underreaction in Analysts' Earnings Forecasts , 2003 .

[177]  Yonca Ertimur,et al.  Differential Market Reactions to Revenue and Expense Surprises , 2003 .

[178]  What a Difference a Month Makes: Stock Analyst Valuations Following Initial Public Offerings , 2004 .

[179]  T. Clifton Green,et al.  The Value of Client Access to Analyst Recommendations , 2004, Journal of Financial and Quantitative Analysis.

[180]  Rebecca N. Hann,et al.  The Impact of SFAS No. 131 on Information and Monitoring , 2003 .

[181]  Andrew Jackson,et al.  Trade Generation, Reputation and Sell-Side Analysts , 2003 .

[182]  Christopher J. Malloy,et al.  The Geography of Equity Analysis , 2003 .

[183]  D. Cohen,et al.  A Note on Analysts' Earnings Forecast Errors Distribution , 2003 .

[184]  Peter Easton,et al.  Pe Ratios, Peg Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital , 2003 .

[185]  Marlene Plumlee,et al.  The Effect of Information Complexity on Analysts' Use of that Information , 2003 .

[186]  James W. Vitalone.  The Level and Persistence of Growth Rates , 2003 .

[187]  J. Hubbard.  ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value? , 2003 .

[188]  Rui Zhong,et al.  Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses , 2003 .

[189]  Paul J. Irvine,et al.  Analysts' Forecasts and Brokerage-Firm Trading , 2003 .

[190]  Jonathan S. Sokobin,et al.  Volume, Opinion Divergence and Returns: A Study of Post-Earnings Announcement Drift , 2003 .

[191]  Alexander Ljungqvist,et al.  Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations , 2003 .

[192]  Kent L. Womack,et al.  Analysts, Industries, and Price Momentum , 2004, Journal of Financial and Quantitative Analysis.

[193]  Partha S. Mohanram,et al.  Inferring the Cost of Capital Using the Ohlson–Juettner Model , 2003 .

[194]  L. Brown,et al.  Comparing the Value Relevance of Two Operating Income Measures , 2001 .

[195]  Erik Skaden.  Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study , 2003 .

[196]  Ole-Kristian Hope,et al.  Disclosure Practices, Enforcement of Accounting Standards and Analysts' Forecast Accuracy: An International Study , 2003 .

[197]  Steven M. Glover,et al.  Earnings Predictability and the Direction of Analysts' Earnings Forecast Errors , 2003 .

[198]  Qi Chen,et al.  Investor Learning About Analyst Predictive Ability , 2003 .

[199]  Eva M. Hyatt,et al.  Reply to commentaries on , 2003 .

[200]  Stephen P. Baginski,et al.  Residual Income Risk, Intrinsic Values, and Share Prices , 2003 .

[201]  Wei Jiang,et al.  Analysts' Weighting of Private and Public Information , 2003 .

[202]  Mary E. Barth,et al.  Analyst Earnings Forecast Revisions and the Pricing of Accruals , 2004 .

[203]  M. Walker,et al.  What Valuation Models Do Analysts Use , 2004 .

[204]  Timothy C. Johnson,et al.  Forecast Dispersion and the Cross Section of Expected Returns , 2004 .

[205]  M. Bradshaw.  How Do Analysts Use Their Earnings Forecasts in Generating Stock Recommendations , 2004 .

[206]  Ajay Subramanian,et al.  Dynamic Forecasting Behavior by Analysts: Theory and Evidence , 2006 .

[207]  Zhaoyang Gu,et al.  Analysts' Treatment of Nonrecurring Items in Street Earnings , 2004 .

[208]  Sundaresh Ramnath,et al.  Value Line and I/B/E/S Earnings Forecasts , 2004 .

[209]  D. Eric Hirst,et al.  Fair values, income measurement, and bank analysts' risk and valuation judgments , 2004 .

[210]  Narasimhan Jegadeesh,et al.  The timing and value of forecast and recommendation revisions , 2004 .

[211]  Rex Thompson,et al.  The Impact of Regulation Fair Disclosure: Trading Costs and Information Asymmetry , 2001, Journal of Financial and Quantitative Analysis.

[212]  Lin Lin,et al.  Analyst Impartiality and Investment Banking Relationships , 2005 .

[213]  Kathryn Kadous,et al.  Using Counter-Explanation to Limit Analysts' Forecast Optimism , 2005 .

[214]  Cheolbeom Park.  Stock return predictability and the dispersion in earnings forecasts , 2005 .

[215]  Frank Zhang,et al.  Information Uncertainty and Analyst Forecast Behavior , 2005 .

[216]  Peter Easton,et al.  An Evaluation of Accounting-Based Measures of Expected Returns , 2005 .

[217]  Senyo Tse,et al.  Financial Analyst Characteristics and Herding Behavior in Forecasting , 2005 .

[218]  L. Brown,et al.  A Temporal Analysis of Quarterly Earnings Thresholds: Propensities and Valuation Consequences , 2005 .

[219]  Katherine Schipper,et al.  on Analysts ' Forecasts , 2005 .

[220]  Brad M. Barber,et al.  Comparing the Stock Recommendation Performance of Investment Banks and Independent Research Firms , 2005 .

[221]  W. Thomas,et al.  The Association between the Legal and Financial Reporting Environments and Forecast Performance of Individual Analysts , 2005 .

[222]  The Role of Analysts’ Forecasts in Accounting-Based Valuation: A Critical Evaluation , 2005 .

[223]  Xi Li,et al.  The Persistence of Relative Performance in Stock Recommendations of Sell-Side Financial Analysts , 2005 .

[224]  Kevin D. Melendrez,et al.  How Does the Market Value Accrual and Cash Flow Surprises? , 2005 .

[225]  Robert H. Battalio,et al.  Earnings expectations, investor trade size, and anomalous returns around earnings announcements , 2005 .

[226]  Yingmei Cheng,et al.  Buy-Side Analysts, Sell-Side Analysts, and Investment Decisions of Money Managers , 2005, Journal of Financial and Quantitative Analysis.

[227]  Marlene Plumlee,et al.  Assessing Alternative Proxies for the Expected Risk Premium , 2005 .

[228]  A..  Management's Incentives to Avoid Negative Earnings Surprises , 2005 .

[229]  The Cross Section of Analyst Recommendations , 2006, Journal of Financial and Quantitative Analysis.

[230]  Security Analyst and Stock Market Efficiency in Anticipating Tax-Motivated Income Shifting , 2006 .

[231]  James E. Hunton,et al.  Does the Form of Management's Earnings Guidance Affect Analysts' Earnings Forecasts? (Retracted) , 2006 .

[232]  Boris Groysberg,et al.  Which Types of Analyst Firms Are More Optimistic , 2006 .

[233]  M. Tan,et al.  Loss Function Asymmetry and Forecast Optimality: Evidence from Individual Analysts' Forecasts , 2006 .

[234]  Brad M. Barber,et al.  Buys, Holds, and Sells: The Distribution of Investment Banks' Stock Ratings and the Implications for the Profitability of Analysts' Recommendations , 2005 .

[235]  S. Sunder,et al.  How Has Regulation FD Affected the Operations of Financial Analysts , 2006 .

[236]  Joshua Livnat,et al.  Comparing the Post–Earnings Announcement Drift for Surprises Calculated from Analyst and Time Series Forecasts , 2006 .

[237]  How Important Is Past Analyst Forecast Accuracy , 2006 .

[238]  John A. Doukas,et al.  Divergence of Opinion and Equity Returns , 2006 .

[239]  Xin Wang,et al.  Re-Examining the Effects of Regulation Fair Disclosure Using Foreign Listed Firms to Control for Concurrent Shocks , 2004 .

[240]  Stephen P. Ferris,et al.  Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies , 2006, Journal of Financial and Quantitative Analysis.

[241]  Horizon-Dependent Underreaction in Financial Analysts' Earnings Forecasts , 2006 .

[242]  G. M. Mian,et al.  Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations? , 2006 .

[243]  D. Bernhardt,et al.  Who Herds? , 2004 .

[244]  Steven K. Todd,et al.  Analysts’ Selective Coverage and Subsequent Performance of Newly Public Firms , 2006 .

[245]  Zhang Min.  Corporate Disclosure Quality and Debt Cost , 2007 .

[246]  Jian Xue,et al.  Do analysts overreact to extreme good news in earnings? , 2007 .

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