This paper examines the stock markets assessment of corporate earnings and management earnings forecasts (MEFs). Management EPS forecasts improve the degree to which returns reflect future-period earnings, measured using the future earnings response coefficient (FERC). The Panel data analysis reveals that FERCs are greater for forecasting firms and forecast accuracy. In contrast, forecast issuance and its characteristics rarely influence the degree to which returns reflect current-period earnings (ERC). Furthermore, the robustness tests indicate a stronger association between post-SOX and the global financial crisis.