Investor sentiment in the stock market

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Author

Malcolm Baker

Contributions

Wurgler, Jeffrey. - Contributor
National Bureau of Economic Research. - Contributor

Publication

2007 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts

Language

English

Word Count

7,500 words, Guess

Page Count

30 pages

Identifiers

OCLC Control Number162200761
Open LibraryOL17634791M

Description

"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."--abstract.

Subjects

Topics

Stocks Finance Investments Psychological aspectsStocks -- Psychological aspectsPsychological aspects of Stocks Finance -- Psychological aspects

Series Statement

NBER working paper series -- no. 13189.
Working paper series (National Bureau of Economic Research) -- working paper no. 13189.

Other Editions

Investor sentiment in the stock marketNational Bureau of Economic Research2007-01-01

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