How information technologies shape investor sentiment: A web-based investor sentiment index
نویسندگان
چکیده
منابع مشابه
Investor Sentiment and Use of Accounting Information
This paper relies on the characteristics of different earnings components to show that sentiment affects both investors judgments of expected cash flows and their risk preferences. As suggested in psychology theories, those two effects of sentiment work against each other in the valuation model-optimistic (pessimistic) cash flow judgments come with high (low) discount rates during high (low) s...
متن کاملA Model of Investor Sentiment
Recent empirical research in nance has uncovered two families of pervasive regularities: underreaction of stock prices to news such as earnings announcements, and overreaction of stock prices to a series of good or bad news. In this paper, we present a parsimonious model of investor sentiment, or of how investors form beliefs, which is consistent with the empirical ndings. The model is based on...
متن کاملInvestor Sentiment and Price Momentum
This paper sheds empirical light on whether investor sentiment affects the profitability of price momentum strategies. We hypothesize that when investors are optimistic, their expectations will be more miscalibrated relative to those obtained from objective probabilities, and arbitrage will be more difficult with short-selling constraints. Our results show that momentum rises only when investor...
متن کاملInvestor Sentiment and Assets Valuation
Using the Chinese stock market data as sample, this paper investigates the impact of investor sentiment on the assets valuation. In order to classify stocks objectively, our sample stocks are sorted by double indicators (B/M and PE). In the portfolio, we find stocks with low B/M and high PE are sensitive to investor sentiment, which are considered to be costly to arbitrage. Investor sentiment h...
متن کاملRational Investor Sentiment ∗ Anke Gerber
We explain excess volatility, short-term momentum and long-term reversal of asset prices by a repeated game version of Keynes’ beauty contest. In every period the players can either place a buy or sell order on the asset market. The actual price movement is determined by average market orders and noise. It is common knowledge that the noise process is an exogenous random walk. Our model explain...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Borsa Istanbul Review
سال: 2019
ISSN: 2214-8450
DOI: 10.1016/j.bir.2019.01.001