Table 1.

Summary statistics and differences between $\mathrm{WAVE}1$ (December 2019) and $\mathrm{WAVE}2$ (March 2020) for the investment (percentage invested, from 0% to 100%), risk perception (Likert scale from 1 to 7), and return forecast (open question) for financial professionals and student subjects. Columns $\mathrm{WAVE}1$ and $\mathrm{WAVE}2$ show mean values for each variable, with standard deviations in parentheses. The Diff. columns outline the respective differences between $\mathrm{WAVE}1$ and $\mathrm{WAVE}2$ for each subject pool; $t$-statistics for differences between waves are provided in parentheses (double-sided $t$-test). The stars ${}^{*}$ and ${}^{**}$ indicate the 5% and the 0.5% significance levels, respectively.

	Financial Professionals			Students
Variable	$\mathrm{WAVE}1$	$\mathrm{WAVE}2$	Diff.	$\mathrm{WAVE}1$	$\mathrm{WAVE}2$	Diff.
$\text{INVESTMENT}$	76.94	68.02	-8.92${}^{**}$	57.47	55.99	-1.49
	(26.17)	(31.96)	(-2.99)	(29.61)	(30.31)	(-0.66)
$\text{RISK}\text{perception}$	4.89	4.55	-0.34${}^{**}$	4.80	4.73	-0.07
	(1.36)	(1.29)	(-3.29)	(1.40)	(1.43)	(-1.01)
$\text{RETURN}\text{forecast}$	1.63	1.62	-0.01	3.53	3.52	-0.01
	(9.09)	(13.01)	(-0.08)	(15.95)	(20.65)	(-1.00)
Observations	202	113		282	216