This PhD dissertation comprises of a detailed theoretical study and two empirical studies on financial analysts’ earnings forecasts when firms manage earnings. The first study explains the gap in the literature – what do analysts forecast when earnings are managed – which the subsequent studies aim to fulfill. The second study finds that analysts generally tend to be informative around seasoned equity offerings (SEO), especially after the adoption of the Market Abuse Directive. The third study confirms that in the long-term informative analyst forecasts are more value relevant than accurate analyst forecasts as well as reported earnings around SEOs. These findings contribute to the literature on analyst forecasts by showing that some analysts may deliberately forego accuracy for informativeness.