Improving Investors' Forecast Accuracy when Operating Cash Flows and Accruals Are Differentially Persistent
通过实验发现，要求投资者分别预测经营现金流和应计项目，并改变利润表格式以分开列示现金和应计部分，能显著提高分析师和MBA学生的盈利预测准确性。
ABSTRACT: This study uses an experiment to examine (1) what factors give rise to investors' inability to fully incorporate operating cash flows and accruals into their earnings forecasts, and (2) what conditions help to improve investors' forecast accuracy when operating cash flows and accruals exhibit differential persistence. I investigate how decomposing the forecasting task and altering the presentation format combine to enable analysts and nonprofessional investors to acquire and accurately process financial statement information when operating cash flows and accruals are differentially persistent. I find that the earnings forecasts of analysts and M.B.A. students are more accurate only when participants are required to provide separate forecasts for operating cash flows and accruals and the income statement is altered to present the disaggregated cash and accrual components of earnings.