Abstract Using a large international sample from 81 counties, this paper examines the incremental effects of recommendation–forecast consistency on the market reactions to revisions in stock recommendations and earnings forecasts. We define analysts’ stock recommendations and earnings forecasts as consistent if both are above or below their respective consensus, and inconsistent otherwise. We hypothesize and find that recommendation-forecast consistency adds incremental positive effects to the market reaction to analysts’ stock recommendation revisions and their earnings forecast revisions for our international sample. Moreover, the incremental positive effects exist in both strong and weak investor protection countries, with the effects being greater in strong-investor protection countries than in weak-investor protection countries. Finally, International Financial Reporting Standards (IFRS) adoption significantly enhances these incremental positive effects.

中文翻译：

---

市场对分析师股票推荐和盈利预测一致性的反应：国际证据

摘要 本文使用来自 81 个县的大型国际样本，研究了推荐-预测一致性对市场对股票推荐和盈利预测修订的反应的增量影响。如果分析师的股票推荐和盈利预测高于或低于其各自的共识，我们将其定义为一致，否则为不一致。我们假设并发现，推荐预测的一致性增加了市场对分析师股票推荐修订及其国际样本盈利预测修订的积极影响。此外，投资者保护强国和弱投资者保护国均存在增量正效应，强投资者保护国的影响大于弱投资者保护国。最后，