文章基本信息

标题：Stock market behavior and investor sentiment: Evidence from China
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作者：Xindan Li ; Bing Zhang
期刊名称：Frontiers of Business Research in China
印刷版ISSN：1673-7326
电子版ISSN：1673-7431
出版年度：2008
卷号：2
期号：2
页码：277-282
DOI：10.1007/s11782-008-0016-5
出版社：Higher Education Press, co-published with Springer-Verlag GmbH
摘要：The relationship among stock returns, market volatilities and individual investor sentiment is an important topic in behavioral economics and finance. This paper uses a unique data set—China’s newly opened stock trading accounts to test the relationships among stock returns, volatilities and individual investor sentiment in the Chinese stock market. It is found that there is a positive relationship between shifts in sentiment and stock returns, and that shifts in sentiment are negatively correlated with market volatility, that is to say, volatility increases (decreases) when investors become more bearish (bullish).
关键词：investor sentiment; volatility; newly opened stock trading accounts
其他关键词：投资者情绪，波动，新开帐户数