Measures and Applications of Investor Sentiment

被引:0
|
作者
Bandopadhyaya, Arindam [1 ]
Fei, Xingyuan [2 ]
机构
[1] Univ Massachusetts Boston, Coll Management, Finance, Boston, MA 02125 USA
[2] Texas A&M Univ San Antonio, Coll Business, Accounting, San Antonio, TX USA
来源
JOURNAL OF INVESTING | 2024年 / 33卷 / 05期
关键词
STOCK-MARKET; CONSUMER CONFIDENCE; INFORMATION-CONTENT; ASSET PRICES; RETURNS; VOLATILITY; RISK; PREDICTABILITY; UNCERTAINTY; IMPACT;
D O I
暂无
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This article examines measures and applications of investor sentiment in the past three decades. How to measure investor sentiment more effectively and quantify its economic consequences is important for academic researchers, investment advisors, portfolio managers, and investors. Investor sentiment is a latent variable that needs to be derived from appropriate proxies in empirical studies to test theoretical predictions. The authors classify various measures of investor sentiment documented in prior literature into seven categories and provide a discussion about the validity and shortcomings of each category. They provide a survey of various economic consequences of investor sentiment in the United States and in international and local markets. They further review prior studies that construct portfolios and trading strategies based on investor sentiment and provide suggestions for future sentiment research.
引用
收藏
页码:122 / 167
页数:46
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