Investor sentiment in the stock market:
Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The "top down" approach to behavioral finance focuses on the measurement of reduced form, aggregate sentiment and traces its effects to stock returns. It builds on the two...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13189 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The "top down" approach to behavioral finance focuses on the measurement of reduced form, aggregate sentiment and traces its effects to stock returns. It builds on the two broader and more irrefutable assumptions of behavioral finance -- sentiment and the limits to arbitrage -- to explain which stocks are likely to be most affected by sentiment. In particular, stocks of low capitalization, younger, unprofitable, high volatility, non-dividend paying, growth companies, or stocks of firms in financial distress, are likely to be disproportionately sensitive to broad waves of investor sentiment. We review the theoretical and empirical evidence for these predictions. |
| Beschreibung: | Literaturverz. S. 29 - 30 |
| Beschreibung: | 30, [6] S. graph. Darst. 22 cm |
Internformat
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| 520 | 8 | |a Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The "top down" approach to behavioral finance focuses on the measurement of reduced form, aggregate sentiment and traces its effects to stock returns. It builds on the two broader and more irrefutable assumptions of behavioral finance -- sentiment and the limits to arbitrage -- to explain which stocks are likely to be most affected by sentiment. In particular, stocks of low capitalization, younger, unprofitable, high volatility, non-dividend paying, growth companies, or stocks of firms in financial distress, are likely to be disproportionately sensitive to broad waves of investor sentiment. We review the theoretical and empirical evidence for these predictions. | |
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Datensatz im Suchindex
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| id | DE-604.BV023593098 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | 30, [6] S. graph. Darst. 22 cm |
| publishDate | 2007 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Baker, Malcolm Verfasser (DE-588)128831480 aut Investor sentiment in the stock market Malcolm Baker ; Jeffrey Wurgler Cambridge, Mass. National Bureau of Economic Research 2007 30, [6] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13189 Literaturverz. S. 29 - 30 Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The "top down" approach to behavioral finance focuses on the measurement of reduced form, aggregate sentiment and traces its effects to stock returns. It builds on the two broader and more irrefutable assumptions of behavioral finance -- sentiment and the limits to arbitrage -- to explain which stocks are likely to be most affected by sentiment. In particular, stocks of low capitalization, younger, unprofitable, high volatility, non-dividend paying, growth companies, or stocks of firms in financial distress, are likely to be disproportionately sensitive to broad waves of investor sentiment. We review the theoretical and empirical evidence for these predictions. Wurgler, Jeffrey Verfasser (DE-588)128831510 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13189 (DE-604)BV002801238 13189 http://papers.nber.org/papers/w13189.pdf kostenfrei Volltext |
| spellingShingle | Baker, Malcolm Wurgler, Jeffrey Investor sentiment in the stock market |
| title | Investor sentiment in the stock market |
| title_auth | Investor sentiment in the stock market |
| title_exact_search | Investor sentiment in the stock market |
| title_exact_search_txtP | Investor sentiment in the stock market |
| title_full | Investor sentiment in the stock market Malcolm Baker ; Jeffrey Wurgler |
| title_fullStr | Investor sentiment in the stock market Malcolm Baker ; Jeffrey Wurgler |
| title_full_unstemmed | Investor sentiment in the stock market Malcolm Baker ; Jeffrey Wurgler |
| title_short | Investor sentiment in the stock market |
| title_sort | investor sentiment in the stock market |
| url | http://papers.nber.org/papers/w13189.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT bakermalcolm investorsentimentinthestockmarket AT wurglerjeffrey investorsentimentinthestockmarket |