Do Industry‐Level Analyses Improve Forecasts of Financial Performance?
比较了行业层面和整体经济层面的均值回归模型在预测公司盈利能力和增长上的准确性，发现行业特定模型在预测增长时更准，但对盈利能力预测无显著改善。
ABSTRACT Prior research documents mean reversion in firm profitability and growth under the implicit assumption that profitability and growth of all firms revert to a common benchmark at the same rate. However, a large body of academic research suggests that there are systematic interindustry differences (e.g., industry barriers to entry) that differentially affect firm performance based on industry membership. We evaluate the relative forecast accuracy of mean reverting models at the industry and economywide levels and find that industry‐specific models are generally more accurate in predicting firm growth but not profitability.