I construct a new dataset of subjective total return expectations at the single stock level using forecast data of sell-side analysts, which I then aggregate at both market and portfolio level. Sell-side analysts' expectations appear to be countercylical, contrarian and less persistent than...

This paper focuses on the cross-dynamics of exchange rate expectations over different time-scales. We use over-the-counter currency options on the euro, Japanese yen, and British pound vis-à-vis the U.S. dollar to extract expected probability density functions of future exchange rates, and...

After the breakdown of the Bretton Woods system and the beginning of the neoliberal revolution, financial markets became very unstable. The theoretical background of the neoliberal revolution stands in the tradition of Léon Walras. He was very much impressed by Isaac Newton, used his...