The DOI matches its Crossref record.
Investor Sentiment and Stock Returns
Abstract
Investors are not all alike, and neither are their sentiments. We show that the sentiment of Wall Street strategists is unrelated to the sentiment of individual investors or that of newsletter writers, although the sentiment of the last two groups is closely related. Sentiment can be useful for tactical asset allocation. We found a negative relationship between the sentiment of each of these three groups and future stock returns, and the relationship is statistically significant for Wall Street strategists and individual investors.
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Citations
Cited by
Measuring investor sentiment with mutual fund flows
Ben-Rephael, A., Kandel, S., & Wohl, A. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2010.08.018 · Cited by 358
Behavioral finance: Finance with normal people
Statman, M. (2014) · Borsa Istanbul Review · doi:10.1016/j.bir.2014.03.001 · Cited by 183
Self-citation
Metadata
- Authors
- Fisher, K. L., & Statman, M.
- Venue
- Financial Analysts Journal
- Publisher
- Informa UK Limited
- Published
- 2000-03
- Volume
- 56
- Issue
- 2
- Pages
- 16-23
- ISSN
- 0015-198X (ISSN-L)
- 1938-3312
- OpenAlex
- W2134519938
- Cited by
- 642
- References
- 0
- FWCI
- 10.49
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Investor Sentiment and Stock Returns. https://app.cochat.ai/papers/10.2469/faj.v56.n2.2340
- The paper
- Fisher, K. L., & Statman, M. (2000). Investor Sentiment and Stock Returns. Financial Analysts Journal. https://doi.org/10.2469/faj.v56.n2.2340
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
