Does sentiment matter for stock market returns? Evidence from a small European market

Detalhes bibliográficos
Autor(a) principal: Fernandes, Carla M.
Data de Publicação: 2013
Outros Autores: Gama, Paulo, Vieira, Elisabete F. Simões
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10773/11476
Resumo: Using Portuguese stock market returns, at the aggregate and industry levels, over the period 1997-2009, we find that the EU Economic Sentiment Indicator (ESI) and Consumer Confidence Index are driven by both rational and irrational factors. Irrational ESI is significantly negatively related to stock returns. Sentiment negatively forecasts aggregate stock market returns, but not all industry index returns. We find no contagious effect of US investor sentiment in the Portuguese market returns.
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spelling Does sentiment matter for stock market returns? Evidence from a small European marketBehavioural FinanceInvestor SentimentIndustriesUsing Portuguese stock market returns, at the aggregate and industry levels, over the period 1997-2009, we find that the EU Economic Sentiment Indicator (ESI) and Consumer Confidence Index are driven by both rational and irrational factors. Irrational ESI is significantly negatively related to stock returns. Sentiment negatively forecasts aggregate stock market returns, but not all industry index returns. We find no contagious effect of US investor sentiment in the Portuguese market returns.Taylor & Francis2018-07-20T14:00:42Z2013-01-01T00:00:00Z20132014-01-01T13:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10773/11476eng1542-756010.1080/15427560.2013.848867Fernandes, Carla M.Gama, PauloVieira, Elisabete F. Simõesinfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-02-22T11:20:40Zoai:ria.ua.pt:10773/11476Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T02:47:53.453660Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Does sentiment matter for stock market returns? Evidence from a small European market
title Does sentiment matter for stock market returns? Evidence from a small European market
spellingShingle Does sentiment matter for stock market returns? Evidence from a small European market
Fernandes, Carla M.
Behavioural Finance
Investor Sentiment
Industries
title_short Does sentiment matter for stock market returns? Evidence from a small European market
title_full Does sentiment matter for stock market returns? Evidence from a small European market
title_fullStr Does sentiment matter for stock market returns? Evidence from a small European market
title_full_unstemmed Does sentiment matter for stock market returns? Evidence from a small European market
title_sort Does sentiment matter for stock market returns? Evidence from a small European market
author Fernandes, Carla M.
author_facet Fernandes, Carla M.
Gama, Paulo
Vieira, Elisabete F. Simões
author_role author
author2 Gama, Paulo
Vieira, Elisabete F. Simões
author2_role author
author
dc.contributor.author.fl_str_mv Fernandes, Carla M.
Gama, Paulo
Vieira, Elisabete F. Simões
dc.subject.por.fl_str_mv Behavioural Finance
Investor Sentiment
Industries
topic Behavioural Finance
Investor Sentiment
Industries
description Using Portuguese stock market returns, at the aggregate and industry levels, over the period 1997-2009, we find that the EU Economic Sentiment Indicator (ESI) and Consumer Confidence Index are driven by both rational and irrational factors. Irrational ESI is significantly negatively related to stock returns. Sentiment negatively forecasts aggregate stock market returns, but not all industry index returns. We find no contagious effect of US investor sentiment in the Portuguese market returns.
publishDate 2013
dc.date.none.fl_str_mv 2013-01-01T00:00:00Z
2013
2014-01-01T13:00:00Z
2018-07-20T14:00:42Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10773/11476
url http://hdl.handle.net/10773/11476
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 1542-7560
10.1080/15427560.2013.848867
dc.rights.driver.fl_str_mv info:eu-repo/semantics/embargoedAccess
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Taylor & Francis
publisher.none.fl_str_mv Taylor & Francis
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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