Regulation Fair Disclosure and Analystsʹ First-Forecast Horizon

We examine the impact ojʹ Regulation Fair Disclosure (RFD) on the horizon (,$ analystsʹ jirst earnings jorecmts, that is, the first-forecast horizon. ThiJ first7forwust horizon is computed as the number of calendar days hetnwti the analystsʹ ,tTr.st earnin~qs,f orecmt for a quarter and the fiscal yuurtei--end clate. We find that the first-jorecast horizon has decreased by tMvlije days after RFD: a 6 percent decrease, on average. Analysts Mith a~~craguetit iiial ,fir.st7fbrecmt horizon in the top 25 percent for each firm arc c.lassijTed as leaders. Leaders are our proxy for favored atialysts M ~ OI-e ceii!ed guidance before RFD. The first-jorecast horizon of both the leaders and the followers decreased after RFD. E,vuminin