The paper is an attempt to trace some of the early developments of small area estimation. The basic papers such as the ones by Fay and Herriott (1979) and Battese, Harter and Fuller (1988) and their follow-ups are discussed in some details. Some of the current topics are also discussed.

The COVID-19 pandemic disrupts capital markets and confuses decision makers. This event represents an opportunity to better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs) in the United States, since REITs are relatively...