Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; … - 2020 - First draft: April 4th 2020, this draft: May 21, 2020
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 …
