Cohort Effects on Expected Co-Movement

We thank Jessica Wachter, the memory/beliefs/choice reading group at the University of Pennsylvania, and seminar participants at the University of Amsterdam and the University of Toronto for thoughtful discussions on this research. We thank Geert Rouwenhorst and Kim Oosterlinck for helpful discussions. We thank Milad Nozari and Yi Wang of the International Center for Finance at the Yale School of Management for research support. All errors are the responsibility of the authors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.