A Study on the Relationship between Investor Sentiment and the Stock Market Returns in China-Based on Panel Data Model
Using the fund flows as a measure for investors＇ sentiment,this paper studies the relationship between investors＇ sentiment and stock market returns based on panel data models.The results show that there is a significant relationship between sentiment and stock return,and the stock return is much more related with optimistic sentiment than with pessimistic sentiment.On the other hand,extreme mood plays an important role in forecasting stock returns in the Chinese stock market.A reasonable measure for investor sentiment is helpful in forecasting the future stock returns and important in practice for both investors and supervisors.
NETL
NSTL
万方数据
维普
