Establishment-level life cycles and analysts' forecasts

Sudipta Basu, Xin Dai and Caroline Lee

CES Technical Notes Series from Center for Economic Studies, U.S. Census Bureau

Abstract: This paper examines how multi-unit firms’ life-cycle stages affect analyst forecast accuracy. While prior studies focus on the firm-level life cycle, we utilize the Census data and focus on the establishment level. As a comparison, we estimate the life-cycle stages using firms’ segment classifications in their 10-K filings. To our best knowledge, this is the first study that focuses on the establishment-level life cycle. To provide better forecasts to investors, analysts should have a deeper understanding of firms’ subunits, especially when the establishments are in different life-cycle stages.

Keywords: ASM; CMF; CSB; ILBD; LBD; SSL (search for similar items in EconPapers)
Date: 2026-04
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