Analyst Forecast Consistency
实证发现，预测误差更一致的分析师对股价影响更大，且这种影响超过预测准确性；一致性高的分析师更少被降级、更易获评全明星，并会策略性发布偏低的预测以提升一致性。
ABSTRACT We show empirically that analysts who display more consistent forecast errors have greater ability to affect prices, and that this effect is larger than that of stated accuracy. These results lead to three implications. First, consistent analysts are less likely to be demoted and are more likely to be nominated All Star analysts. Second, analysts strategically deliver downward‐biased forecasts to increase their consistency (if at the expense of stated accuracy). Finally, the benefits of consistency and of “lowballing” (accuracy) are increasing (decreasing) in institutional investors’ presence.