momentum

A Research Note on forecast dispersion and its role in systematic momentum investing. Two companies can carry the same analyst consensus and report the same upward revision, and yet the information behind that revision may differ substantially. In one, the individual estimates sit closely together. In the other, they are

An academic-style note on why analyst estimate revisions contain predictive information for future equity returns. Earnings estimate revisions tend to matter most precisely when markets appear closest to informational efficiency. Stocks subject to upward revisions systematically outperform peers even though the underlying information is, in principle, publicly available. Conversely,