The January sentiment effect in the U.S. stock market

Autor:	Zhongdong Chen, Phillip R. Daves
Rok vydání:	2018
Předmět:	Economics and Econometrics 050208 finance 0502 economics and business 05 social sciences Economics Asset allocation Stock market Monetary economics 050207 economics January effect Finance
Zdroj:	International Review of Financial Analysis. 59:94-104
ISSN:	1057-5219
DOI:	10.1016/j.irfa.2018.07.008
Popis:	We document the January sentiment effect in the U.S. stock market over the 1978–2017 period where January sentiment of individual investors has a significant impact on their asset allocation decisions and therefore, stock market returns from February to December. This effect is not likely driven by the other January effect and it appears to concentrate on riskier stocks including smaller stocks, higher market-to-book ratio stocks, and stocks with worse firm performance.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::1b59e56ed40ba3c06c0e59dc2f608a3c https://doi.org/10.1016/j.irfa.2018.07.008 Zobrazit plný text záznamu Full Text from ScienceDirect