Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …

Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …

Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …

Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …

Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … literature on asset pricing are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …

Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …

Motivated by the observation that survey expectations of stock returns are inconsistent with rational return … pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts … constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey forecasts are ambiguity averse …