Relative Sentiment and Stock Returns

被引：34

作者：

Edelen, Roger M. ^{[1
]}

Marcus, Alan J. ^{[2
]}

Tehranian, Hassan ^{[2
]}

机构：

[1] Univ Calif Davis, Davis, CA 95616 USA

[2] Boston Coll, Chestnut Hill, MA 02167 USA

来源：

FINANCIAL ANALYSTS JOURNAL | 2010年 / 66卷 / 04期

关键词：

INVESTOR SENTIMENT; CROSS-SECTION; CONSUMER CONFIDENCE; MARKET; PERFORMANCE; ISSUES; PUZZLE; TRADES; MONEY;

D O I：

10.2469/faj.v66.n4.2

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The sentiment of retail investors relative to that of institutional investors was measured by comparing their respective portfolio allocations to equity versus cash and fixed-income securities. The results suggest that fluctuations in retail sentiment are a primary driver of equity valuations for reasons unrelated to fundamentals.

引用

页码：20 / 32

页数：13

共 24 条

[1] Arbitrage risk and the book-to-market anomaly [J].