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We investigate the relation between predictable market returns and predictable analyst forecast errors. Perfect correlation between predictable components of forecast errors and abnormal returns would lend credence to the view that pricing anomalies are not merely an artifact of inadequately controlled risk. Our evidence implies an imperfect correlation. Moreover, we find that while the predictable component of abnormal returns is significantly associated with future forecast errors, trading strategies based directly on the predictable component of forecast errors are not profitable. Further implications of our findings are that predictable components of analysts' forecast errors are robust with respect to loss functions and analysts' earnings forecasts may significantly diverge from the market expectations.

Future Higgs factories can reach impressive precision on Higgs property measurements. In this paper, instead of conventional focus of Higgs precision in certain interaction bases, we explore its sensitivity to new physics models at the electron-positron colliders. In particular, we study two categories of new physics models, Standard Model (SM) with a real scalar singlet extension, and Two Higgs Double Model (2HDM) as examples of weakly-interacting models, Minimal Composite Higgs Model (MCHM) and three typical patterns of the more general operator counting for strong interacting models as examples of strong dynamics. We perform a global fit to various Higgs search channels to obtain the 95% C.L. constraints on the model parameter space. In the SM with a singlet extension, we obtain the limits on the singlet-doublet mixing angle sin θ, as well as the more general Wilson coefficients of the induced higher dimensional operators. In the 2HDM, we analyze tree level effects in tan β vs. cos(β − α) plane, as well as the one-loop contributions from the heavy Higgs bosons in the alignment limit to obtain the constraints on heavy Higgs masses for different types of 2HDM. In strong dynamics models, we obtain lower limits on the strong dynamics scale. In addition, once deviations of Higgs couplings are