Rangvid, Jesper; Schmeling, Maik; Schrimpf, Andreas - In: Journal of Empirical Finance 20 (2013) C, pp. 109-129
We study how professional forecasters form equity market expectations based on a new micro-level dataset which includes rich cross-sectional information about individual characteristics. We focus on testing whether agents rely on the beliefs of others, i.e., consensus expectations, when forming...