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Analysts' Cash Flow Forecasts and Accrual Mispricing


  • Accepted by Jeffrey Callen. We thank Jeffery Callen and two anonymous reviewers for insightful comments and suggestions. We also acknowledge comments from Indranil Bardhan, Surya Janakiraman, Stanimir Markov and the participants of seminars at the University of Texas at Dallas, National Chengchi University, and National Taiwan University.