The Real Effects Of Investor Sentiment
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The Real Effects Of Investor Sentiment
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Author : Christopher Polk
language : en
Publisher:
Release Date : 2003
The Real Effects Of Investor Sentiment written by Christopher Polk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Arbitrage categories.
We study how stock market mispricing might influence individual firms' investment decisions. We find a positive relation between investment and a number of proxies for mispricing, controlling for investment opportunities and financial slack, suggesting that overpriced (underpriced) firms tend to overinvest (underinvest). Consistent with the predictions of our model, we find that investment is more sensitive to our mispricing proxies for firms with higher R & D intensity suggesting longer periods of information asymmetry and thus mispricing) or share turnover (suggesting that the firms' shareholders are short-term investors). We also find that firms with relatively high (low) investment subsequently have relatively low (high) stock returns, after controlling for investment opportunities and other characteristics linked to return predictability. These patterns are stronger for firms with higher R & D intensity or higher share turnover.
The Real Effects Of Investor Sentiment
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Author :
language : en
Publisher:
Release Date : 2004
The Real Effects Of Investor Sentiment written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Trading On Sentiment
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Author : Richard L. Peterson
language : en
Publisher: John Wiley & Sons
Release Date : 2016-03-21
Trading On Sentiment written by Richard L. Peterson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-21 with Business & Economics categories.
In his debut book on trading psychology, Inside the Investor’s Brain, Richard Peterson demonstrated how managing emotions helps top investors outperform. Now, in Trading on Sentiment, he takes you inside the science of crowd psychology and demonstrates that not only do price patterns exist, but the most predictable ones are rooted in our shared human nature. Peterson’s team developed text analysis engines to mine data - topics, beliefs, and emotions - from social media. Based on that data, they put together a market-neutral social media-based hedge fund that beat the S&P 500 by more than twenty-four percent—through the 2008 financial crisis. In this groundbreaking guide, he shows you how they did it and why it worked. Applying algorithms to social media data opened up an unprecedented world of insight into the elusive patterns of investor sentiment driving repeating market moves. Inside, you gain a privileged look at the media content that moves investors, along with time-tested techniques to make the smart moves—even when it doesn’t feel right. This book digs underneath technicals and fundamentals to explain the primary mover of market prices - the global information flow and how investors react to it. It provides the expert guidance you need to develop a competitive edge, manage risk, and overcome our sometimes-flawed human nature. Learn how traders are using sentiment analysis and statistical tools to extract value from media data in order to: Foresee important price moves using an understanding of how investors process news. Make more profitable investment decisions by identifying when prices are trending, when trends are turning, and when sharp market moves are likely to reverse. Use media sentiment to improve value and momentum investing returns. Avoid the pitfalls of unique price patterns found in commodities, currencies, and during speculative bubbles Trading on Sentiment deepens your understanding of markets and supplies you with the tools and techniques to beat global markets— whether they’re going up, down, or sideways.
The Effect Of Investor Sentiment On Earnings Management
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Author : Lin Chen (Ph.D.)
language : en
Publisher:
Release Date : 2020
The Effect Of Investor Sentiment On Earnings Management written by Lin Chen (Ph.D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Accounting categories.
The association between investor sentiment and corporate reporting decisions/outcomes has been recently examined in the accounting and finance literature. As an important outcome of corporate reporting decisions, earnings management (EM) may be affected by investor sentiment. In this dissertation, I examine two research questions. The first is whether investor sentiment is associated with the propensity of firms' engaging in the two primary forms of EM: accrual earnings management (AEM) and real earnings management (REM). The second question is whether firms' internal governance strength and external audit quality would moderate the association between investor sentiment and AEM as well as REM. For the first research question, the results are mixed depending on the proxy of investor sentiment. Specifically, when Michigan Consumer Confidence Index is used as the sentiment proxy, I find a significant and positive association between investor sentiment and the propensity of (1) AEM, (2) the overall measure of REM and (3) the specific REM mechanism through accelerating sales. However, when investor sentiment is proxied by the index developed by Baker and Wurgler (2006), I find no relation with the propensity of AEM and only a positive association with the propensity of REM through accelerating sales. Regarding the second research question, I find no evidence that either the strength of internal corporate governance mechanisms or quality of external auditors affect the association between investor sentiment and AEM. In terms of REM, the evidence is also mixed depending on which sentiment proxy is used.
Does Favorable Investor Sentiment Lead To Costly Decisions To Go Public
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Author : Azizjon Alimov
language : en
Publisher:
Release Date : 2015
Does Favorable Investor Sentiment Lead To Costly Decisions To Go Public written by Azizjon Alimov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We investigate the real effects of decisions to undertake an initial public offering of stock in periods of favorable investor sentiment. Specifically, we examine potential effects of favorable investor sentiment on investment expenditures and how effects on investment affect firm operating performance and value as well as the likelihood of survival. We find that firms going public during periods of favorable sentiment, on average, spend substantially more on investments, especially acquisitions, than firms going public in other periods. The effect of favorable investor sentiment on investment is more pronounced for younger firms. We do not find, however, that the higher investment spending in the wake of favorable sentiment leads to worse operating or stock performance. Stock returns around acquisitions announcements are also positive for firms going public in favorable sentiment periods. The preponderance of our findings indicate that decisions to go public in favorable investor sentiment periods do not lead to corporate investment decisions that harm firm performance and value.
Investor Sentiment In The Stock Market
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Author : Malcolm P. Baker
language : en
Publisher:
Release Date : 2007
Investor Sentiment In The Stock Market written by Malcolm P. Baker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Finance categories.
"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.
Essays On The Impact Of Sentiment On Real Estate Investments
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Author : Anna Mathieu
language : en
Publisher: Springer
Release Date : 2015-11-05
Essays On The Impact Of Sentiment On Real Estate Investments written by Anna Mathieu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-05 with Business & Economics categories.
Anna Mathieu clarifies if real estate decisions are affected by investor and consumer sentiment and how severely the sentiment should be considered. With regard to international capital markets Mathieu conducts an analysis of the impact of investor sentiment on the return of the real estate-specific investment vehicle “Real Estate Investment Trust (REIT)” by applying a GARCH-Model. She investigates the effects of investor sentiment on the return and the underlying volatilities of REITs and Non-REITs during the financial crisis. The hypotheses are tested for validity in a GARCH-Model. Parallel to capital markets and thereby in changing from an indirect Real Estate investment perspective to a direct perspective the author conducts an analysis if consumer sentiment impacts the household decision to buy a new home in the US. Therefore a dataset with 385 monthly observations from 1978 to 2010 is tested by a component model.
Effects Of Investor Sentiment Using Social Media On Corporate Financial Distress
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Author : Tarek Adnan Hoteit
language : en
Publisher:
Release Date : 2015
Effects Of Investor Sentiment Using Social Media On Corporate Financial Distress written by Tarek Adnan Hoteit and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The Asymmetric Effects Of Investor Sentiment
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Author : Chandler Lutz
language : en
Publisher:
Release Date : 2016
The Asymmetric Effects Of Investor Sentiment written by Chandler Lutz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We use the returns on lottery-like stocks to construct a novel index for investor sentiment in the stock market. This new measure is closely related to previously developed sentiment indicators, but more accurately tracks speculative episodes over the sample period. Using our index, we find that the relationship between sentiment and returns is asymmetric: during bear markets, high sentiment predicts low future returns for the cross-section of speculative stocks and the market overall while the relationship during bull markets is weak and often insignificant. Thus, the results suggest that sophisticated investors only act as corrective force during certain time periods. We also show that our index predicts implied volatility, media pessimism, and mutual fund flows. Overall, our findings are consistent with both the theories and anecdotal accounts of investor sentiment in the stock market.
The Effect Of Investor Sentiment On Futures Market Returns And Volatility
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Author : Kenneth Steven Lovell
language : en
Publisher:
Release Date : 2013
The Effect Of Investor Sentiment On Futures Market Returns And Volatility written by Kenneth Steven Lovell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Finance categories.