دانلود رایگان مقاله احساس سرمایه گذار و نقدینگی بازار سهام در حال ظهور

عنوان فارسی
احساس سرمایه گذار و نقدینگی بازار سهام در حال ظهور
عنوان انگلیسی
Investor Sentiment and Emerging Stock Market Liquidity
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
25
سال انتشار
2017
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
کد محصول
E5332
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اقتصاد
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اقتصاد پولی
مجله
اسناد تحقیقات مالی - Finance Research Letters
دانشگاه
Indian Institute of Technology Kharagpur (IIT Kharagpur) - India
کلمات کلیدی
احساس سرمایه گذار، بازار سهام جدید، نقدینگی، امور مالی رفتاری
چکیده

Abstract


This study examines the impact of local and foreign investor sentiment on emerging stock market liquidity. We find a positive (negative) effect of investor sentiment on liquidity (illiquidity). Results also reveal that foreign investor sentiment significantly influences emerging stock market liquidity.

نتیجه گیری

5. Conclusion


Taking an international perspective with 12 emerging markets data, this study finds empirical support for the positive impact of investor sentiment on stock-market liquidity. Our findings further strengthen the argument that investor sentiment can be a possible source of liquidity variation (Liu, 2015; Baker and Stein, 2004). Consistent with Baker et al. (2012) and Karolyi et al. (2012) claim towards contagious sentiment effect, we find supportive evidence for the potential positive (negative) impact of foreign country sentiment for emerging market liquidity (illiquidity). Our results are also consistent with the theoretical framework which suggests that due to disposition effect (Shefrin and Statman, 1985) during bullish sentiment trading volume and hence stock-market liquidity tends to grow (Ritter, 2003). On the other hand, liquidity tends to fall when the market turns south due to pessimism.


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