• 1. Introduction
  • 2. Earlier Literature and Testable Hypotheses
  • 3. Data and Descriptive Statistics
  • 3.1 General data considerations
  • 3.2 Descriptive statistics
  • 3.3 Some preliminary tests
  • 4. Predictive Regressions of Stock Returns on Consumer Confidence
  • 4.1. Methodology
  • 4.2. Results for panel regressions
  • 4.3. Results for individual countries
  • 4.4. Relation of our results to earlier studies
  • 4.5. Robustness tests
  • 5. Cross-Sectional Analysis
  • 5.1. Possible Determinants of Cross-Sectional Variation in the Sentiment-Return Relationship
  • 5.2. Results
  • 6. Conclusions
  • References