作者：Gu, ZY; Wu, JS
作者单位：University of Rochester; Carnegie Mellon University
摘要：We argue that if analysts' objective is to provide the most accurate forecast by minimizing the mean absolute forecast error, then the optimal forecast is the median instead of the mean earnings. Forecast bias is observed when the median is different from the mean in a skewed earnings distribution. Thus, part of the observed analyst forecast bias could be a result of analysts' efforts to improve forecast accuracy when the earnings distribution is skewed. We find that earnings skewness is signi...
作者：Carter, ME; Lynch, LJ
作者单位：University of Pennsylvania; University of Virginia
摘要：We examine repricing activity surrounding the FASB's 1998 announcement regarding accounting for repriced options. We find that repricing increases during, and decreases after, the 12-day window between the announcement and proposed effective dates, consistent with firms timing repricings to avoid recording an expense. We find that firms experiencing increasing earnings patterns, firms with earnings around zero, and growth firms are more likely to reprice in the window, but having repriced rece...
