過去的研究指出，許多因素都能夠影響公司財務預測的準確性，例如公司是否曾經陷入法律糾紛、內部人交易、公司的財務狀況等。過去文獻也證明經理人的預測經驗及預測發佈的頻率也會影響預測的正確性。但過去文獻較少討論公司的曝光度是否也會施加壓力於經理人身上，使他們發佈較為準確的財務預測。因此，此研究延伸過去的實證，利用自1993年到2015年的美國樣本，發現這些被吸引的投資者會對經理人的財務預測準確性產生更強的監督效果，讓我們能夠更了解影響財務預測準確度的因素。

There are lots of factors that will affect management earnings forecast accuracy. For instance, studies provide evidence that litigation environment, insider trading behavior, financial status, and concentration of the industry will affect managers’ forecast quality. Also, managers’ forecast experience, disclosing frequency are other variables that proved to affect managers’ forecast quality. However, none of the literature discuss whether the firms with higher visibility will put pressure on managers and make their forecast more accurate. Thus, the objective of this study is to examine how the change in advertising expense will affect investor attention, which is measured by abnormal trading volume of the firm, and further affect the management earnings forecast accuracy. With the sample of management earnings forecast announced by U.S. firms from 1993 to 2015, we find that the firms which spend more on advertising will attract more investors. It will further make the managers’ earnings forecast more accurate due to the increase in investors’ monitoring.

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