Sapienza, 2004, "The real effects of investor sentiments", NBER working paper no. 10563Polk,Christopher,and Paola Sapienza.The real effects of investor sentiment. . 2002Polk, Christopher,and Paola Sapienza.The real effects of investor sentiment. NBER working . 2004...
The results show that the composite index of investor sentiment has a significantly positive influence on the long-term stock-bond correlation, and the shock of crises significantly decrease the average correlation but the effect of sentiment does not change significantly. Finally, our out-of-sample...
BBC News, 25 February 2022Ukraine crisis and Africa: The effects on oil, students and breadBy Mark HeywoodBut the editor of the UK-based Africa Confidential publication, Patrick Smith, said the war offered massive opportunities for oil- and gas-producing countries. "Europe has to rapidly find ...
Real investors and markets are too complicated to be neatly summarized by a few selected biases and trading frictions. The top-down approach focuses on the measurement of reduced-form, aggregate sentiment and traces its effects to market returns and individual stocks. The new directions in this ...
In addition, our study addresses the issue of endogeneity, as examined by the robust Durbin-Wu-Hausman model. Furthermore, we contribute by providing unprecedented evidence regarding the influence of investor sentiment while distinguishing between temporary and permanent effects. Our findings reveal that...
10. The Misallocation of Finance 发表时间:October 2021 Google Scholar引用量:33 TONI M. WHITED,密歇根大学 JAKE ZHAO,北京大学汇丰商学院 We estimate real losses arising from the cross-sectional misallocation of financial liabilities. Extending a production-based framework of misallocation measurement to th...
Get ready for the weekend by diving into the week’s big insights on the art of 21st-century leadership, corporate venture building, arenas of competition, and more. This year’s Global Banking Annual Review, data centers in real estate, rewiring for the era of gen AI, and more: The Wee...
This paper reconstructs the Fama–French three-factor (F–F) model as a panel smooth transition regression (PSTR) framework to investigate the differentiated effects of investor sentiment proxies-the volatility index (VIX), credit default swap (CDS), and TED spread-on the three risk premiums. ...
Do alternative macroprudential regulations generate these strong amplification effects at the extremes of the global financial cycle? To answer this, we repeat the analysis using five granular measures of the macroprudential stance: two specific tools that we can measure in magnitudes and are reasonably...
Ryan Williams, the CEO of real estate fintech company Cadre, described how a Black-owned bank helped him start his business when others refused. Investing in Black-owned banks, he explains, could halt racial economic disparities. There is no doubt that bias and inequity in the workplace have...