Changes in the I/B/E/S Database and Their Effect on the Observed Properties of Analyst Forecasts

Global market inefficiencies

“…We calculate total earnings forecasts by multiplying IBES's per share forecast with the number of outstanding shares (from IBES, or if unavailable, from Worldscope). Note that IBES earnings forecast data that was publicly available at the time may differ from the forecast researchers now analyze (seeCall, Hewitt, Watkins and Yohn (2016)). 24 For the same firms, combining the 21 accounting and 2 IBES variables neither enhances nor diminish alpha spreads.…”