This paper investigates the impact of Twitter attention, measured by abnormal number of tweets on stock trading activities. We find that Twitter attention has predictive power for future stock volatility and trading volume. A heightened number of tweets is followed by high volatility and trading...

We provide evidence that the stock market response to macroeconomic news weakens in times of high investor sentiment. The reaction to macroeconomic information is 50 percent weaker in times of elevated bullish investor sentiment, relative to periods of low sentiment. This dampening effect holds...

This study investigates the role of financial market uncertainty in institutional herding and its impact on stock prices. We show that financial market uncertainty is a determinant of institutional herding. Fund managers tend to follow the trades of other managers more frequently during high...

This paper examines the equity market return predictability of institutional investor sentiment, in comparison to individual investor sentiment. Our findings suggest that institutional traders are informed, and that their sentiment helps tilting stock prices towards the intrinsic value. This is...