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Economists historically measure the degree to which the market is surprised by an earnings announcement by the consensus forecast error, defined as difference between the actual earnings and the consensus forecast. The consensus might be calculated using either the mean or median of security analysts forecasts. The premise of this measure is that the consensus forecast is a good proxy for the markets expectation of earnings. Hence the consensus forecast error captures how surprised the market is when the earnings is announced. The consensus forecast error is a building block of a host of studies across finance, accounting and economics (see for a survey of event studies in Kothari (2001)). For instance, in finance and accounting, it is used in event studies of how efficiently markets react to earnings announcements. Efficient market studies when it comes to bond or currency markets and macroeconomic

No abstract uploaded!

No abstract uploaded!

Let$F$be families of meromorphic functions in a domain$D$, and let$R$be a rational function whose degree is at least 3. If, for any$f∈$$F$, the composite function$R(f)$has no fixed-point in$D$, then$F$is normal in$D$. The number 3 is best possible. A new and much simplified proof of a result of Pang and Zalcman concerning normality and, shared values is also given.