id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fsr-3295	Baird, Philip	Value line quarterly EPS forecast error: Analyst credibility or management appeasement?	2017	18	.pdf	application/pdf	8938	443	56	In sum, the observed distribution of earnings forecast error is the outcome of a complex interplay of incentives faced by managers of public companies and the analysts who cover them. Their results, along with Abarbanell and Lehavy (2003b) and Cohen and Lys (2003), can explain the preponderance of small positive versus small negative forecast errors (the “middle” asymmetry) and the preponderance of large negative versus large positive forecast errors (the “tail” asymmetry) that are typically observed in earnings forecast error distributions.2 Abarbanell and Lehavy (2003a) find that firms rated Buy (Sell) are more (less) likely to meet or beat analysts’ forecasts.	cache/fsr-3295.pdf	txt/fsr-3295.txt