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dc.contributor.authorWang, Wenzhao
dc.contributor.authorSu, C.
dc.contributor.authorDuxberry, D.
dc.date.accessioned2021-08-09T21:16:21Z
dc.date.accessioned2021-09-10T14:03:51Z
dc.date.available2021-08-09T21:16:21Z
dc.date.available2021-09-10T14:03:51Z
dc.date.issued2021-09
dc.identifier.citationWang W, Su C and Duxberry D (2021) Investor Sentiment and Stock Returns: Global Evidence. Journal of Empirical Finance. 63: 365-391.en_US
dc.identifier.urihttp://hdl.handle.net/10454/18584
dc.descriptionYesen_US
dc.description.abstractWe assess the impact of investor sentiment on future stock returns in 50 global stock markets. Using the consumer confidence index (CCI) as the sentiment proxy, we document a negative relationship between investor sentiment and future stock returns at the global level. While the separation between developed and emerging markets does not disrupt the negative pattern, investor sentiment has a more instant impact in emerging markets, but a more enduring impact in developed markets. Individual stock markets reveal heterogeneity in the sentiment-return relationship. This heterogeneity can be explained by cross-market differences in culture and institutions, along with intelligence and education, to varying degrees influenced by the extent of individual investor market participation.en_US
dc.language.isoenen_US
dc.relation.isreferencedbyhttps://doi.org/10.1016/j.jempfin.2021.07.010en_US
dc.rights© 2021 Elsevier. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license.en_US
dc.subjectConsumer confidence index (CCI)en_US
dc.subjectCCIen_US
dc.subjectCultureen_US
dc.subjectEducationen_US
dc.subjectGlobalen_US
dc.subjectIntelligenceen_US
dc.subjectInvestor sentimenten_US
dc.titleInvestor Sentiment and Stock Returns: Global Evidenceen_US
dc.status.refereedYesen_US
dc.date.Accepted2021-07-13
dc.date.application2021-07-19
dc.typeArticleen_US
dc.date.EndofEmbargo2023-01-19
dc.type.versionAccepted manuscripten_US
dc.description.publicnotesThe full-text of this article will be released for public view at the end of the publisher embargo on 19 Jan 2023.
dc.endofembargo2023-01-19
dc.date.updated2021-08-09T20:16:31Z
refterms.dateFOA2021-09-10T14:05:29Z
dc.openaccess.statusGreenen_US


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