Relative Sentiment and Stock Returns

被引：33
|
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
收藏
页码：20 / 32
页数：13
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