This study empirically examines how analysts` forecasts at the time of earnings announcement affect the market responses to earnings announcements. The frequency of earnings announcements that are accompanied with other information such as analyst forecasts and management forecasts has increased over time. Although analytical studies suggest that additional information generated by analysts during earnings announcements affects investor responses to the earnings announcements (Kim and Verrecchia 1994, 1997), empirical evidence on this issue is limited. Our results show greater market responses to earnings announcement when analysts issue reinforcing forecasts (i.e., positive (negative) unexpected earnings and consensus analyst forecast for next year earnings higher (lower) than current year earnings) than contradicting forecasts (i.e., positive (negative) unexpected earnings but consensus analyst forecasts is lower (higher) than current year earnings). Similarly, we find greater market responses to earnings announcements when management forecasts convey reinforcing news than contradicting news. However, we find greater market response to management (analyst) reinforcing forecasts only when analyst (management) issue reinforcing forecast. Empirical evidence suggests that analysts` forecasts at the time of earnings announcement provide information regarding future earnings in addition to earnings announcement.