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associated with higher forecast accuracy. This finding is consistent with the hypothesis that enforcement encourages managers to … the level of annual report disclosure; and between forecast accuracy and the degree of enforcement of accounting standards …. I document that firm-level disclosures are positively related to forecast accuracy, suggesting that such disclosures …
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The paper studies forecasts of real growth rates and budget balances made by official government agencies among 33 countries. In general, the forecasts are found: (i) to have a positive average bias, (ii) to be more biased in booms, (iii) to be even more biased at the 3-year horizon than at...
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