Expectations of Returns and Expected Returns
---- Acknowledgements ----
We thank Yueran Ma for outstanding research assistance and Josh Coval, Jared Dourdeville, Sam Hanson, Owen Lamont, Stefan Nagel, Joshua Schwartzstein, Adi Sunderam, Annette Vissing-Jorgensen, Jessica Wachter, Fan Zhang and seminar participants at UC Berkeley and the NBER for helpful suggestions. We are grateful to the Survey Research Center at the University of Michigan for providing access to their data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.