Futures markets have seen a phenomenal success since their inception both in developed and developing countries during the last four decades. This success is attributable to the tremendous leverage the futures provide to market participants. This study contributes to the literature by analyzing...

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...