Market sentiment to COVID‐19 and the Chinese stock market

IF 3.5 Q1 BUSINESS, FINANCE
Liao Xu, Jilong Chen, Hao Xu
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引用次数: 0

Abstract

Abstract We classify the market sentiment to COVID‐19 into expected and unexpected components and then examine their particular impacts on the stock market. We find that unexpected sentiment causes fluctuations in the stock market more than expected sentiment does. However, unexpected sentiment cannot affect stock market informativeness despite the remarkable informational effect of expected sentiment. Moreover, the relation between expected sentiment and stock market fluctuation or informativeness is one‐way, whereas there exists a two‐way interaction between unexpected sentiment and stock market fluctuation. This further confirms that expected sentiment is informational, whereas unexpected sentiment is quite noisy and informationally harmful.
对COVID - 19和中国股市的市场情绪
本文将市场对COVID - 19的情绪分为预期和非预期成分,然后研究它们对股票市场的特定影响。我们发现意外情绪比预期情绪更能引起股市波动。预期情绪具有显著的信息效应,但预期情绪对股票市场的信息性没有影响。此外,预期情绪与股市波动或信息量之间存在单向关系,而意外情绪与股市波动之间存在双向交互作用。这进一步证实了预期的情绪是信息性的,而意外的情绪是相当嘈杂和信息有害的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
自引率
10.30%
发文量
21
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