We analyse a long panel of households' stock market beliefs to gain insights into the nature of their expectations … expectations formation. Two of the groups are at opposite extremes in terms of optimism: Pessimists who expect substantially … negative returns and financially sophisticated individuals whose expectations are close to the historical average. Two groups …

Investors' return expectations are pivotal in stock markets, but the reasoning behind these expectations remains a …

We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 … expectations about long-run (10-year) economic and stock market outcomes remained largely unchanged, and, if anything, improved … February saw the largest decline in expectations, and sold the most equity. Those respondents who were the most pessimistic in …

effect of algorithmic traders we use a design where we manipulate only the expectations of human traders. We find clearly …

expectations into willingness to pay. We experimentally test this prediction and find that subjects exhibit an extremely weak …

. Investors choose one of two rules to form their expectations. One rule is based on an open economy model, which reacts to the … chartists expectations, and we find that our DSGE agents make output forecasts that are not qualitatively different than the …