论文标题
如果全球或本地投资者的观点容易对股票收益产生影响，是否会产生行业影响？
If Global or Local Investor Sentiments are Prone to Developing an Impact on Stock Returns, is there an Industry Effect?
论文作者
论文摘要
本文调查了全球或本地投资者情感对股票收益的异质影响。我们在2000年至2014年期间，通过6个（所谓的）新兴国家（所谓的）新兴国家（所谓的）新兴国家研究10个行业。我们的研究使用面板数据框架，阐明了当地投资者情绪对基本材料，消费品，工业和金融行业的预期收益的重大影响。此外，我们的结果表明，仅凭全球投资者的情绪，人们就无法预测这些市场的预期股票回报。
This paper investigates the heterogeneous impacts of either Global or Local Investor Sentiments on stock returns. We study 10 industry sectors through the lens of 6 (so called) emerging countries: China, Brazil, India, Mexico, Indonesia and Turkey, over the 2000 to 2014 period. Using a panel data framework, our study sheds light on a significant effect of Local Investor Sentiments on expected returns for basic materials, consumer goods, industrial, and financial industries. Moreover, our results suggest that from Global Investor Sentiments alone, one cannot predict expected stock returns in these markets.
