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| Author: | Elgers, P. Lo, M. |
| Title: | Reduction in analysts' annual earnings forecast errors using information in prior earnings and security returns |
| Journal: | Journal of Accounting Research
1994 : AUTUMN, VOL. 32:2, p. 290-303 |
| Index terms: | EARNINGS FORECASTING INFORMATION |
| Language: | eng |
| Abstract: | This paper assesses the association between analysts' earnings forecast errors and both prior earnings changes and securities returns. The authors find that prior earnings changes and securities returns are each incrementally associated with analysts' errors, and that adjusting forecast to incorporate the information in these associations substantially reduces forecast errors for firms with poor prior-year earnings performance or securities returns. |
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