Results suggest that fi rms are more likely to
issue annual forecasts than quarterly forecasts
prior to the end of accounting period while fi rms
are more likely to issue quarterly forecasts than
annual forecasts after the end of accounting
period. A plausible explanation is that SET does not
encourage fi rms to release short term management
forecasts. Therefore, most of management forecasts
are issued before end of accounting period, rather
than after end of accounting period.