In this study, we analyze whether individual expectations of stock returns are influenced by the specific elicitation mode (i.e. whether forecasters have to state future price levels or directly future returns). We thus examine whether there are framing effects in stock market forecasts. We...

In this study, we analyze whether volatility forecasts (judgmental confidence intervals) are influenced by the specific elicitation mode (i.e. whether forecasters have to state future price levels or directly future returns as upper and lower bounds). We present questionnaire responses of about...

Empirical research documents that temporary trends in stock price movements exist. Moreover, riding a trend can be a profitable investment strategy. Thus, the ability to recognize trends in stock markets influences the quality of investment decisions. In this Paper, we provide a thorough test of...

Empirical research documents that temporary trends in stock price movements exist. Moreover, riding a trend can be a profitable investment strategy. Thus, the ability to recognize trends in stock markets influences the quality of investment decisions. In this paper, we provide a thorough test of...

Overconfidence can manifest itself in various forms. For example, people think that their knowledge is more precise than it really is (miscalibration) and they believe that their abilities are above average (better than average effect). The questions whether judgment biases are related or...