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dc.contributor.authorCall, Andrew C.
dc.contributor.authorHewitt, Max
dc.contributor.authorWatkins, Jessica
dc.contributor.authorYohn, Teri Lombardi
dc.date.accessioned2020-11-03T22:34:42Z
dc.date.available2020-11-03T22:34:42Z
dc.date.issued2020-09-16
dc.identifier.citationCall, A.C., Hewitt, M., Watkins, J. et al. Analysts’ annual earnings forecasts and changes to the I/B/E/S database. Rev Account Stud (2020). https://doi.org/10.1007/s11142-020-09560-xen_US
dc.identifier.issn1380-6653
dc.identifier.doi10.1007/s11142-020-09560-x
dc.identifier.urihttp://hdl.handle.net/10150/648098
dc.description.abstractI/B/E/S is a common source of analyst earnings forecast data, and the reliability of these data is important for practice and academic research. Examining a common sample period, we compare annual earnings forecasts across two versions of the I/B/E/S detail file, one made available in 2009 and the other made available in 2015. We find substantial differences in the contents of these two versions of the detail file as well as significant differences in the attributes of the earnings forecasts available in each version. Specifically, the earnings forecasts in the more recent version are more accurate and less biased, and they identify substantially different firms as meeting or just beating analysts' expectations than those in the older version. To highlight the potential impact of these differences, we show that the economic magnitude of the effects of analyst experience and brokerage size on earnings forecast accuracy change by over 30% when we use the more recent version. Additional analyses suggest that the differences across versions of the detail file are ongoing. In contrast, we find that different versions of the summary file exhibit only minor differences over time. We also find significant differences in the properties of consensus earnings forecasts calculated from the individual earnings forecasts available in the detail file and consensus earnings estimates from the summary file. Finally, we provide guidance to researchers using I/B/E/S for analyst earnings forecast data.en_US
dc.language.isoenen_US
dc.publisherSPRINGERen_US
dc.rightsCopyright © Springer Science+Business Media, LLC, part of Springer Nature 2020.en_US
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en_US
dc.subjectI/B/E/Sen_US
dc.subjectAnalystsen_US
dc.subjectEarnings forecastsen_US
dc.subjectConsensusen_US
dc.subjectMarket expectationsen_US
dc.titleAnalysts’ annual earnings forecasts and changes to the I/B/E/S databaseen_US
dc.typeArticleen_US
dc.identifier.eissn1573-7136
dc.contributor.departmentUniv Arizonaen_US
dc.identifier.journalREVIEW OF ACCOUNTING STUDIESen_US
dc.description.note12 month embargo; published 16 September 2020en_US
dc.description.collectioninformationThis item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.en_US
dc.eprint.versionFinal accepted manuscripten_US
dc.identifier.pii9560
dc.source.journaltitleReview of Accounting Studies


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