This paper investigates whether matching has differential implications for the accuracy of analysts' earnings and revenue forecasts. We construct a novel measure of firm-level matching and document that matching improves analysts' earnings forecasts to a greater extent than their revenue forecasts. We also document matching's differential impact on analysts' earnings and sales forecasts by proposing a new count metric capturing a wedge in the accuracy of earnings and revenue forecasts. In additional tests, we report that the differential impact of matching is less (more) pronounced in a situation where the balance sheet (income statement) orientation likely dominates. We also report that matching's differential role is weaker (stronger) when firms have high intangible intensity (analysts have appropriate resources or expertise). In short window tests, matching's role in analysts' forecast revisions is more pronounced for earnings than sales forecasts. Overall, these results show how analysts benefit from better revenue-expense matching.

本文研究匹配是否对分析师的收益和收入预测的准确性有不同的影响。我们构建了一个新的公司层面匹配的衡量标准，并记录了匹配在更大程度上改善了分析师的盈利预测，而不是他们的收入预测。我们还通过提出一个新的计数指标来记录匹配对分析师的收益和销售预测的不同影响，该指标在收益和收入预测的准确性中存在一个楔子。在额外的测试中，我们报告说，在资产负债表（损益表）方向可能占主导地位的情况下，匹配的差异影响不太（更多）明显。我们还报告说，当公司的无形强度较高（分析师拥有适当的资源或专业知识）时，匹配的差异化作用较弱（较强）。在短期窗口测试中，匹配在分析师预测修正中的作用对于收益比销售预测更为明显。总体而言，这些结果显示了分析师如何从更好的收入费用匹配中受益。