Googling investor sentiment around the world

Googling investor sentiment around the world

We study how investor sentiment affects stock prices around the world. Relying on households’ Google search behavior, we construct a weekly measure of sentiment for 38 countries during 2004–2014. We validate the sentiment index in tests using sports outcomes and show that the sentiment measure is a...

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Veröffentlicht in:Journal of financial and quantitative analysis 2020-03, Vol.55 (2), p.549-580
1. Verfasser: Gao, Zhenyu
Format: Artikel
Sprache:eng
Schlagworte:
Börsenkurs
Economics
Financial management
Finanzanalyse
Households
Informationsverhalten
International finance
Internetportal
Investments
Investor behavior
Investors
Prices
Quantitative analysis
Search engines
Search strategies
Securities markets
Sentiment analysis
Soccer
Sports
Stock exchanges
Stock prices
Verhaltensökonomik
Welt
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Beschreibung
Zusammenfassung:We study how investor sentiment affects stock prices around the world. Relying on households’ Google search behavior, we construct a weekly measure of sentiment for 38 countries during 2004–2014. We validate the sentiment index in tests using sports outcomes and show that the sentiment measure is a contrarian predictor of country-level market returns. Furthermore, we document an important role of global sentiment in stock markets.
ISSN:0022-1090
1756-6916
DOI:10.1017/S0022109019000061