HILARY, GILLES; HSU, CHARLES; WANG, RENCHENG - In: Journal of Accounting Research 52 (2014) 1, pp. 163-191
type="main" <title type="main">ABSTRACT</title> <p>We posit that management forecasts, which are predictable transformations of realized earnings without random errors, are more informative than unbiased forecasts, which manifest small but unpredictable errors, even if biased forecasts are less accurate. Consistent with this...</p>