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Retail Investor Sentiment and Behavior– an Empirical Analysis

This citation by Robert Neal and Simon Wheatley from their 1998 article about investorsentiment offers several insights and paves the way for this first chapter by making thefollowing statements: First, the opinion of individual investors on the market isimportant. Second, they are often wrong. Third, individual investor sentiment maysupport market timing decisions. Fourth, none of the above is scientifically proven.In this chapter, research about retail investor sentiment in general and the researchquestions addressed in this thesis in particular are motivated. In addition, the structureof the work as well as the main contributions and related publications are presented.
Year of publication:
2010-05-12
Authors: Burghardt, Matthias
Institutions: Institut für Informationswirtschaft und -management <Karlsruhe>
Published in:
Subject: Aktienmarkt | Anlageverhalten | Privater Anleger | private investor
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  • Abbreviations
  • List of Figures
  • List of Tables
  • 1 Introduction
  • 1.1. Motivation
  • 1.2. Research Outline
  • 1.3. Overview and Structure
  • 1.4. Related Publications
  • 2 Related Theoretical and Empirical Work
  • 2.1. Introduction to Behavioral Finance
  • 2.2. Theoretical Work
  • 2.3. Empirical Work
  • 2.4. Discussion
  • 2.5. Conclusion
  • 3 Investor Sentiment Construction
  • 3.1. Classification of Sentiment Measures
  • 3.2. Sentiment Measures in Research
  • 3.3. Sentiment Measures in Practice
  • 3.4. Evaluation of Sentiment Measures
  • 3.5. Conclusion
  • 4 Construction of the Euwax Sentiment Index
  • 4.1. Introduction
  • 4.2. Data Set
  • 4.3. Basic Index Calculation
  • 4.4. Sentiment Analysis
  • 4.5. Comparison with other Sentiment Measures
  • 4.6. Conclusion
  • 5 Retail Investor Herding
  • 5.1. Introduction
  • 5.2. Related Work
  • 5.3. Evidence of Market-wide Herding
  • 5.4. Market-wide herding on a broker level
  • 5.5. Stock-Level Herding
  • 5.6. Conclusion
  • 6 The Predictive Power of Retail Investor Sentiment
  • 6.1. Related Work
  • 6.2. Data and Methodology
  • 6.3. Results
  • 6.4. Robustness Checks
  • 6.5. Conclusion
  • 7 Conclusion and Future Work
  • 7.1. Conclusion
  • 7.2. Summary of Contributions
  • 7.3. Future Work
  • Appendices
Persistent link: https://www.econbiz.de/10009262195
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