作者：Heater, John C.; Liu, Ye; Tan, Qin; Zhang, Frank
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Fudan University; City University of Hong Kong; Yale University
摘要：We document strikingly opposite time-series patterns of analyst forecast errors (FEs) and associated market reactions, illustrating that analyst forecasts have become a less useful benchmark of the market's earnings expectations in recent years. The mean FE has increased from negative one to two cents in the 1990s to positive one to two cents in the 2010s, whereas average earnings announcement returns have declined from 0.30% in the 1990s to -0.30% in the 2010s, turning negative in the past 17...
