The study looked at exchange rate forecasts for developed and developing countries from 2004 to 2012. They found that forecasts for developing countries were biased at all time horizons, while forecasts for developed countries were biased at the 3-month horizon but improved at the 12-month horizon before worsening again at the 24-month horizon. Long-term forecasts were more accurate than short-term ones. The forecasts generated positive economic profits, with developed countries benefiting more as the forecast horizon increased.