Institutional herding and investor sentiment

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-03-01 DOI:10.1016/j.finmar.2024.100891

Xu Guo , Chen Gu , Chengping Zhang , Shenru Li

引用次数: 0

Abstract

We investigate the role of investor sentiment in institutional herding behavior and its impact on stock prices. We find that institutional investors exhibit more herding behavior during periods of high sentiment, which has a significant impact on stock prices. Our results show that herding has a stabilizing effect on the stock market when investor sentiment is low, while it causes price distortions when sentiment is high. We also show that the impact of sentiment on price is particularly pronounced for small, non-profitable, low tangibility, high-growth firms.

查看原文本刊更多论文

机构羊群效应和投资者情绪

我们研究了投资者情绪在机构羊群行为中的作用及其对股票价格的影响。我们发现，机构投资者在情绪高涨时会表现出更多的羊群行为，这对股票价格有显著影响。我们的结果表明，当投资者情绪低落时，羊群行为对股市有稳定作用，而当情绪高涨时，羊群行为会导致价格扭曲。我们还发现，情绪对价格的影响对于小型、非盈利、低有形性、高增长的公司尤为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.