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On pages 38-45, in the Summer 1973 issue of Financial Management Professor Amir Barnea and Dr. Dennis E. Logue presented "Evaluating the Forecasts of a Security Analyst." It presented a "robust method for evaluating the accuracy of analysts' forecasts that abstracts from risk and market movements, hence focusing directly on the analyst's micro predicting ability." In response to this article, Professor Jess B. Yawitz of Washington University commented on the shortcomings of the Barnea and Logue system of evaluation and presented an alternative method. Professor Yawitz's comments and the reactions of Professor Barnea and Dr. Logue to them are presented in this article.
Financial Management © 1973 Financial Management Association International