GREEDS and Stock Returns: Evidence from Global Stock Markets

IF 1.7 3区经济学 Q3 BUSINESS, FINANCE

Journal of Behavioral Finance Pub Date : 2022-02-10 DOI:10.1080/15427560.2022.2037599

Garima Goel, S. Dash

引用次数: 4

Abstract

Abstract This paper introduces GREEDS as a new measure of optimistic sentiment in the market. We measure the optimistic component of investor sentiment by constructing the Geographically Revealed Economic Expectations disclosed by Search (GREEDS) index from households’ search behavior on Google for a sample of 38 countries. Our results reveal that the GREEDS index positively correlates with global stock returns. We show the asymmetric effect of GREEDS, which is more prevalent in developed countries than emerging markets. Our findings also highlight the role of global sentiment in financial markets through the sentiment commonality effect.

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贪婪与股票回报:来自全球股票市场的证据

摘要本文介绍了一种衡量市场乐观情绪的新方法——贪婪。我们从38个国家的家庭在b谷歌上的搜索行为中构建搜索(GREEDS)指数所披露的地理揭示的经济预期来衡量投资者情绪的乐观成分。我们的研究结果表明，GREEDS指数与全球股票收益呈正相关。我们展示了贪婪的不对称效应，这种效应在发达国家比在新兴市场更为普遍。我们的研究结果还通过情绪共性效应强调了全球情绪在金融市场中的作用。

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

Journal of Behavioral Finance Multiple-

CiteScore

4.60

自引率

10.50%

发文量

期刊介绍： In Journal of Behavioral Finance , leaders in many fields are brought together to address the implications of current work on individual and group emotion, cognition, and action for the behavior of investment markets. They include specialists in personality, social, and clinical psychology; psychiatry; organizational behavior; accounting; marketing; sociology; anthropology; behavioral economics; finance; and the multidisciplinary study of judgment and decision making. The journal will foster debate among groups who have keen insights into the behavioral patterns of markets but have not historically published in the more traditional financial and economic journals. Further, it will stimulate new interdisciplinary research and theory that will build a body of knowledge about the psychological influences on investment market fluctuations. The most obvious benefit will be a new understanding of investment markets that can greatly improve investment decision making. Another benefit will be the opportunity for behavioral scientists to expand the scope of their studies via the use of the enormous databases that document behavior in investment markets.