Abstract

Prior research into the accuracy of analyst forecasts has spanned several decades. Obrien (1990) conducted a comprehensive analysis of forecast accuracy among financial analysts in nine industries during the period 1975-1982. Sinha, Brown, and Das (1997) reexamined this issue of forecast accuracy among financial analysts during the period 1984-1990, consistent of the fourteen largest industries at the time. These studies reported no or minimal significant differences in forecast accuracy across industries. This study extends the above research and assesses forecast accuracy for eight distinct industries during the period 2010-2015 from the perspectives of: 1. Comparison over forecast horizon 2. Comparison by industry 3. Comparison within industry