The study tested 4 direct and 28 indirect teacher expectancy effects on students' results in the mathematics and literacy sections of the matriculation test, and their final marks in the 12th-grade mathematics and literacy class. The following were considered as mediators: student self-esteem, their self-expectancy, and time spent learning mathematics and literacy. The study involved 1374 first year college students. Conducted path analyses revealed: (1) the total teacher expectancy effects was the strongest for final marks in mathematics, followed by test results in mathematics, test results in literacy, and final marks in literacy; (2) the direct effect was stronger than the total indirect teacher expectancy effects in the case of mathematics, while for literacy outcomes, the order of the effects was reversed; (3) the direct teacher expectancy effects were positive; the indirect effects reversed after including student self-esteem/student self-expectancy into relations between teachers' expectancy and mathematics and literacy outcomes; (4) teachers' expectancy was mediated most strongly by student self-esteem, time spent learning, and student self-expectancy, or by student self-expectancy and time spent learning, respectively for mathematics and literacy outcomes; (5) the impact of teachers' expectancy was stronger than student self-expectancy for mathematics, but was the same or weaker for literacy outcomes, respectively. The obtained results were discussed in the light of the theory and results of studies concerning teacher expectancy effects.