Further Evidence on the Accuracy of Management Forecasts Vis-a-Vis Analysts' Forecasts.
比较管理层自愿发布的预测与Value Line分析师预测的准确性，发现管理层预测通常更准，尤其在分析师预测之后发布时；行业差异明显，化工和服务业更优，公用事业和银行无差异。
Abstract ABSTRACT: This paper compares management forecast accuracy with that of analysts' forecasts published in the Value Line investment Service. Results suggest that management forecasts published on a voluntary basis are likely to be comparatively more accurate, especially when management forecasts are published after analysts' forecasts. On an industry basis, management forecasts for chemicals and services (transportation, recreation, etc.) exhibit better performance. For utilities and banks, however, no difference in the accuracy of the two forecasts is found. No trend was detected with regard to the impact of firm size on the comparative accuracy of management forecasts.