Investor Protection and Analysts ’ Cash Flow Forecasts Around the World*

2003 American Accounting Association annual meetings for their helpful and constructive comments. We also gratefully acknowledge the contribution of I/B/E/S International Inc. for providing earnings and cash flows forecast data from their Institutional Brokers Estimate System, and in particular to Steven Sommers of I/B/E/S for his help. This data has been provided as part of a broad academic program to encourage earnings expectations research. In addition, the paper greatly benefited from the input we received during informal conversations and correspondence with several analysts, especially Laurence Madsen of Warburg Dillon Read and Fadi Chamoon of Bunting Warburg