库存(枪支)
收益增长
经济
收益
大胆
股票市场
放牧
货币经济学
期限(时间)
期货合约
金融经济学
财务
生物
古生物学
马
地理
人格
工程类
物理
林业
机械工程
社会心理学
量子力学
心理学
标识
DOI:10.1016/j.ribaf.2015.10.003
摘要
I analyze whether or not market-wide investor sentiment induces stock mispricing, by affecting the boldness of predictions of firms’ long-term earnings growth. I predict that bullish market-wide sentiment induces investors to aggressively separate firms with high growth futures from others, and that this excessive boldness results in a high level of mispricing. Consistent with my prediction, I observe an excessively large dispersion in consensus growth forecasts when proxies for investor sentiment are high at the beginning of the period. Furthermore, stocks with higher-predicted growth experience more negative forecast revisions and lower subsequent stock returns, especially following periods of high investor sentiment.
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