We investigate the directional accuracy of GDP forecasts by corporate executives. Extending the literature to business leader's forecasts, our findings show positive evidence for the usefulness of long-term forecasts whereas past literature casts doubt on their usefulness. However, examination...

Although many studies on the directional accuracy of forecasts by international organizations and professional forecasters have been scrutinized, little attention has been paid to forecasts by business leaders. In order to address this gap, we use directional tests to investigate whether...

We examine asymmetry in the loss function of Japanese corporate executives in their output growth forecasts and test for rationality of the forecasts under the assumption of a possibly asymmetric loss function. We find evidence of asymmetry and support for rationality under an asymmetric loss...

Although most research on directional analysis focused on either increase/decrease or acceleration/deceleration of variables of interest, we jointly evaluate the two directional changes in the real Gross Domestic Product (GDP) predicted by corporate executives. We apply an approach recently...

We examine asymmetry in the loss function of corporate executives in their exchange rate forecasts and test for rationality of the forecast under the assumption of a possibly asymmetric loss function. We find evidence that the loss function of the forecast with a 1-year horizon is symmetric and...

We investigate the directional accuracy of exchange rate forecasts by corporate executives. We find that a forecast with a 1-year horizon is valuable for the profitability and unprofitability predictions of manufacturers, although previous studies provide considerable evidence that forecasts...