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Expectations of future returns are pivotal for investors’ trading decisions, and are therefore an important determinant of the evolution of actual returns. Evidence from individual choice experiments with exogenously given time series of returns suggests that subjects’ return forecasts are substantially affected by how they are elicited and by the...
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... and (ii) the way in which information is provided to the subjects ('information'), again either as a time series of past prices, or as a bar chart of past returns. This gives a 2 × 2 betweensubjects design with four treatments, PP, RP, PR and RR, where, for example, PR means that subjects observe prices (P) and forecast returns (R), and similarly for the other treatments -see Table 1. Six subjects are active in each market in each treatment. ...Similar publications
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