We show empirically that survey-based measures of expected inflation are significant and strong predictors of future aggregate stock returns in several industrialized countries both in-sample and out-of-sample. By empirically discriminating between competing sources of this return predictability...

In the past there have been many empirical studies dealing with the behavior of respondents in interview situations. Most of these refer to data from surveys and describe an interview situation where respondents and interviewer meet only once. The advantage of this study is the possibility of...

Many validation studies deal with item-nonresponse and measurement error in earnings data. In this paper we explore motives of respondents for the failure to reveal earnings using the German Socio-Economic Panel (GSOEP). GSOEP collects socio-economic information of private households in the...