We document that aggregate accounting earnings growth is an incrementally significant
leading indicator of growth in nominal Gross Domestic Product (GDP). Professional macro …

We examine changes in the scope of the sell‐side analyst industry and whether these
changes impact information dissemination and the quality of analysts' reports. Our findings …

We decompose quantitative management earnings forecasts into macroeconomic and firm‐
specific components to determine the extent to which voluntary disclosure provided by …

Earnings growth dispersion contains information about trends in labor reallocation,
unemployment change, and, ultimately, aggregate output. We find that initial …

The accounting literature has traditionally focused on firm-level studies to examine the
capital market implications of earnings and other accounting variables. We first develop the …

Although macroeconomic news has a major impact on corporate earnings, anecdotal
evidence suggests that financial analyst research is inefficient with respect to such news …

This study examines whether key characteristics of analysts' forecasts—timeliness,
accuracy, and informativeness—change when investor demand for information is likely to be …

Purpose This study aims to examine the characteristics of financial analysts' earnings
forecasts after COVID-19 outbroke in the USA. Specifically, the authors examine how …

Leading economic indicators assist in forecasting future business conditions. Can they also
predict aggregate stock returns? To answer this question, we examine six decades of data …

This study predicts and finds that the interaction of firm-level and aggregate-level shocks
explains a significant portion of shocks to macroeconomic activity. Specifically, we …