Forecasts and Earnings

37 Pages Posted: 26 May 2000

See all articles by Paul E. Fischer

Paul E. Fischer

University of Pennsylvania - Accounting Department; University of Pennsylvania

Phillip C. Stocken

Dartmouth College - Tuck School of Business

Date Written: February 29, 2000


This paper examines the interaction between an analyst's disclosure and a manager's earnings report. We show how the nature of the analyst's information affects the quality of reported earnings. We also provide conditions for the analyst's disclosure to reduce the quality of investor information in total (i.e., from all sources). Finally, we offer some comparative static results pertaining to earnings quality and derive empirical predictions for short-window event studies and long-window association studies.

JEL Classification: M41, M43, G14, G24, G29

Suggested Citation

Fischer, Paul E. and Fischer, Paul E. and Stocken, Phillip C., Forecasts and Earnings (February 29, 2000). Available at SSRN: or

Paul E. Fischer (Contact Author)

University of Pennsylvania - Accounting Department ( email )

3641 Locust Walk
Philadelphia, PA 19104-6365
United States

University of Pennsylvania ( email )

United States
215 573 7533 (Phone)

Phillip C. Stocken

Dartmouth College - Tuck School of Business ( email )

Hanover, NH 03755
United States
603-646-2843 (Phone)

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