Arbeitspapier
News media and investor sentiment over the long run
This paper studies the effect of investor sentiment on the London stock market on a daily basis over the period 1899 to 2010. We use a broad mix of reporting from the Financial Times as our proxy for investor sentiment. The main contribution of this paper is threefold. First, newspaper commentary, which was sentiment-laden, but information-light, in the Financial Times affects returns. Second, we find evidence that sentiment plays a role in propagating price movements, particularly during bull markets. Third, we find little evidence that the effect of sentiment on the market differs in bear versus bull markets.
- Language
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Englisch
- Bibliographic citation
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Series: QUCEH Working Paper Series ; No. 2017-06
- Classification
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Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Economic History: Financial Markets and Institutions: Europe: Pre-1913
Economic History: Financial Markets and Institutions: Europe: 1913-
- Subject
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news media
investor sentiment
stock market
bull
bear
- Event
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Geistige Schöpfung
- (who)
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Hanna, Alan J.
Turner, John D.
Walker, Clive B.
- Event
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Veröffentlichung
- (who)
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Queen's University Centre for Economic History (QUCEH)
- (where)
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Belfast
- (when)
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2017
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hanna, Alan J.
- Turner, John D.
- Walker, Clive B.
- Queen's University Centre for Economic History (QUCEH)
Time of origin
- 2017