Table 3.
Variable sensitivities with sales and forecast accuracy.
| Manufacturing | Utilities | Mining, Construction, and Chemicals | Wholesale and Retail | Agriculture, Forestry, and Fishing | Services | |
|---|---|---|---|---|---|---|
| Panel A | ||||||
| Eopex | 0.7614** | 0.71236** | 0.65125*** | 0.85144** | 0.6914*** | 0.56147*** |
| ECA | 0.85123** | 0.712548** | 0.68455*** | 0.91452*** | 0.5124** | 0.41254** |
| ECL | 0.84124** | 0.75415** | 0.7176** | 0.817*** | 0.5819** | 0.4508*** |
| EFA | 0.0214*** | 0.01425** | 0.0247** | 0.0197*** | 0.0124*** | 0.0024** |
| Within Sample Forecast Accuracy | ||||||
| Panel B – RMSE | ||||||
| Eopex | 0.00707% | 0.00523% | 0.00387% | 0.00286% | 0.00212% | 0.00157% |
| ECA | 0.00116% | 0.00387% | 0.00286% | 0.00212% | 0.00157% | 0.00116% |
| ECL | 0.00086% | 0.00064% | 0.00047% | 0.00035% | 0.00026% | 0.00019% |
| EFA | 0.00059% | 0.00044% | 0.00032% | 0.00024% | 0.00018% | 0.00013% |
| Panel C – MSE | ||||||
| Eopex | 0.00335% | 0.00248% | 0.00183% | 0.00136% | 0.00100% | 0.00074% |
| ECA | 0.00055% | 0.00183% | 0.00136% | 0.00100% | 0.00074% | 0.00055% |
| ECL | 0.00041% | 0.00030% | 0.00022% | 0.00016% | 0.00012% | 0.00009% |
| EFA | 0.00028% | 0.00073% | 0.00053% | 0.00011% | 0.00040% | 0.00006% |
| Panel D – MAE | ||||||
| Eopex | 0.00272% | 0.00201% | 0.00149% | 0.00110% | 0.00082% | 0.00060% |
| ECA | 0.00045% | 0.00149% | 0.00110% | 0.00082% | 0.00060% | 0.00045% |
| ECL | 0.00033% | 0.00024% | 0.00018% | 0.00013% | 0.00010% | 0.00007% |
| EFA | 0.00023% | 0.00059% | 0.00043% | 0.00009% | 0.00032% | 0.00005% |
| Panel E – MAPE | ||||||
| Eopex | 0.00502% | 0.00372% | 0.00275% | 0.00203% | 0.00151% | 0.00111% |
| ECA | 0.00082% | 0.00275% | 0.00203% | 0.00151% | 0.00111% | 0.00082% |
| ECL | 0.00061% | 0.00045% | 0.00033% | 0.00025% | 0.00018% | 0.00014% |
| EFA | 0.00042% | 0.00031% | 0.00023% | 0.00017% | 0.00013% | 0.00009% |
| Panel F – RMSE | ||||||
| Eopex | 0.00236% | 0.00205% | 0.00201% | 0.00191% | 0.00100% | 0.00077% |
| ECA | 0.00039% | 0.00152% | 0.00149% | 0.00141% | 0.00074% | 0.00057% |
| ECL | 0.00029% | 0.00025% | 0.00024% | 0.00023% | 0.00012% | 0.00009% |
| EFA | 0.00020% | 0.00017% | 0.00017% | 0.00016% | 0.00008% | 0.00006% |
| Panel G – MSE | ||||||
| Eopex | 0.00112% | 0.00097% | 0.00095% | 0.00090% | 0.00047% | 0.00037% |
| ECA | 0.00018% | 0.00072% | 0.00071% | 0.00067% | 0.00035% | 0.00027% |
| ECL | 0.00014% | 0.00012% | 0.00012% | 0.00011% | 0.00006% | 0.00004% |
| EFA | 0.00009% | 0.00029% | 0.00028% | 0.00008% | 0.00019% | 0.00003% |
| Panel H – MAE | ||||||
| Eopex | 0.00091% | 0.00079% | 0.00077% | 0.00073% | 0.00038% | 0.00030% |
| ECA | 0.00015% | 0.00059% | 0.00057% | 0.00054% | 0.00028% | 0.00022% |
| ECL | 0.00011% | 0.00010% | 0.00009% | 0.00009% | 0.00005% | 0.00004% |
| EFA | 0.00008% | 0.00023% | 0.00023% | 0.00006% | 0.00015% | 0.00002% |
| Panel I – MAPE | ||||||
| Eopex | 0.00167% | 0.00146% | 0.00143% | 0.00135% | 0.00071% | 0.00055% |
| ECA | 0.00027% | 0.00108% | 0.00106% | 0.00100% | 0.00052% | 0.00041% |
| ECL | 0.00020% | 0.00018% | 0.00017% | 0.00016% | 0.00009% | 0.00007% |
| EFA | 0.00014% | 0.00012% | 0.00012% | 0.00011% | 0.00006% | |
Authors’ calculation.