This paper examines the equity market reaction to consumer sentiment in the context of the sentiment index issued by the Melbourne Institute of Applied Economics and Social Research. Unlike the Michigan index in the US, which is announced in phases, this index is announced once per month, which...

We investigate the role of retail traders on market informational efficiency. The literature is inconclusive about characterizing retail trades in terms of these trades’ informativeness. Also, their well-documented role in liquidity can mediate the effects on efficiency. Major Australian TV...