Adrian Fernandez-Perez, Ivan Indriawan, Marta Khomyn
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引用次数: 0
摘要
我们研究了2021年1月至2月价格泡沫期间投资者情绪与GameStop （GME）股票回报之间的关系。通过分析Plutchik（1980）的《情绪之轮》（Wheel of emotions）中的八种基本情绪（愤怒、期待、厌恶、恐惧、喜悦、悲伤、惊讶和信任），我们通过对Reddit帖子的文本分析发现，恐惧强烈地预测了日内收益和交易量的不平衡。情绪和回报之间的预测关系随着时间的推移而变化：在泡沫达到顶峰之前，快乐是最强的，在泡沫破裂之后，恐惧是最强的。这些发现突出了股市泡沫期间影响交易行为的心理因素。
Emotions and stock returns during the GameStop bubble
We examine the relationship between investors’ emotions and GameStop (GME) stock returns during the price bubble of January–February 2021. Analyzing eight basic emotions (anger, anticipation, disgust, fear, joy, sadness, surprise, and trust) from Plutchik's (1980) Wheel of Emotions, we use textual analysis of Reddit posts to find that fear strongly predicts intraday returns and volume order imbalance. The predictive relationship between emotion and returns shifts over time: joy is strongest before the bubble peaks, fear at the peak, and anger after the bubble bursts. These findings highlight the psychological factors influencing trading behavior during stock market bubbles.
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