better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs … regression analysis finds that the severity of the pandemic increases analysts' forecast error and dispersion. Government … forecast error rises by more, for REITs, when focusing on Hospitality and Industrial properties, and dispersion rises by more …

not observed at the time that the forecast is made--but can nonetheless improve forecasting accuracy by reducing parameter … of forecasting excess bond and equity returns. We find substantial improvements in out-of-sample forecast accuracy for …