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"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.
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Investor sentiment in the stock market
2007, National Bureau of Economic Research
electronic resource /
in English
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Book Details
Edition Notes
"June 2007"
Includes bibliographical references (p. 29-30).
Also available in PDF from the NBER world wide web site (www.nber.org).
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- Created September 29, 2008
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December 15, 2009 | Edited by WorkBot | link works |
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September 29, 2008 | Created by ImportBot | Imported from Oregon Libraries MARC record |