Hou, K.

forecast earning model-based return analyst fi rms model-based icc signi ficant model model-based earnings forecasts estimate accounting regression journal analyst-based icc signi t-stat analyst-based panel model-based forecasts earnings forecasts ficant year t market difference result icc estimates horizon accrual ficient accruals quality table equity asset stock period coverage / journal economic forecast bias signi ficantly sample time-serie performance future capital analyst-based iccs coef ficients quality earnings model time-series averages stock returns gordon characteristic research book equity coef ficient report analyst coverage fi rm-level characteristics number growth earnings smoothness volatility announcement relation variable fi ve years proxy market equity ficantly fi rm-year observations 504–526 information observation accuracy panel b panel c study dividend