Research on the properties of individual analysts’ forecasts can be
categorized into three streams.Fi rst, there is research on cross-sectional
variation in and determinants of analysts’ forecast accuracy.Se cond, research
examines whether analysts’ forecasts are efficient in using all the information
available at the time of their forecasts.Third, there is research on systematic
differences in the properties of analysts’ forecasts between groups of analysts
(e.g., affiliated versus unaffiliated analysts), which might be related to
differential economic incentives facing the groups of analysts