Lacina, Michael; Lee, Buryung Brian; Xu, Zhaohui - In: Advances in business and management forecasting, : Vol. 8, (pp. 77-101). 2011
We evaluate the performance of financial analysts versus naïve models in making long-term earnings forecasts. Long-term earnings forecasts are generally defined as third-, fourth-, and fifth-year earnings forecasts. We find that for the fourth and fifth years, analysts' forecasts are no more...
