Expectations of Returns and Expected Returns

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ID: 298650
2014
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Abstract
We analyze time series of investor expectations of future stock market returns from six data sources between 1963 and 2011. The six measures of expectations are highly positively correlated with each other, as well as with past stock returns and with the level of the stock market. However, investor expectations are strongly negatively correlated with model-based expected returns. The evidence is not consistent with rational expectations representative investor models of returns.
Reference Key
openalex_W2099227715 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Robin Greenwood, Andrei Shleifer
Journal review of financial studies
Year 2014
DOI
10.1093/rfs/hht082
URL
Keywords Keywords not found

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