Show simple item record

dc.creatorCorredor Casado, María Pilares_ES
dc.creatorFerrer Zubiate, Elenaes_ES
dc.creatorSantamaría Aquilué, Rafaeles_ES
dc.date.accessioned2015-10-27T12:46:12Z
dc.date.available2017-02-01T00:00:15Z
dc.date.issued2015
dc.identifier.issn0012-8775 (Print)
dc.identifier.issn1557-9298 (Electronic)
dc.identifier.urihttps://hdl.handle.net/2454/18660
dc.descriptionThis is an accepted manuscript of an article published by Taylor & Francis in Eastern European Economics on July 2015, available online: http://dx.doi.org/10.1080/00128775.2015.1079139en
dc.description.abstractThis paper studies the effect of investor sentiment on stock returns in three Central European markets: the Czech Republic, Hungary and Poland. The results show that sentiment is a key variable in the prices of stocks traded on these markets and its impact is stronger here than in more developed European markets. This effect is linked to stock characteristics, particularly those considered to make stocks more prone to the influences of investor sentiment. The evidence shows that the effect is not uniform across countries, since higher levels are found for Poland and the Czech Republic, thus confirming the role of country-specific factors in the impact of investor sentiment on stock prices. The results also confirm that sentiment is a twofold (global and local) phenomenon, in which the global dimension has much greater impact than the local dimension, at least in the markets considered. Finally, the paper has shown that sentiment does not spread, at least to any significant degree, through the movement of capital between markets. This strengthens the argument that sentiment is transmitted through a behavioral mechanism. If this argument proves correct, there is little likelihood of local regulatory action being very effective in limiting the perverse impact of asset bubbles.en
dc.description.sponsorshipThis paper has received financial support from the Spanish Ministry of Economy and Competitiveness (ECO2012-35946-C02-01).en
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.publisherTaylor & Francisen
dc.relation.ispartofEastern European Economics, Volume 53, Issue 4, July 2015, pages 328-355en
dc.rights© 2015 Taylor & Francisen
dc.subjectEmerging stock marketsen
dc.subjectInvestor sentimenten
dc.subjectBehavioral financeen
dc.subjectContagionen
dc.subjectStock characteristicsen
dc.titleThe impact of investor sentiment on stock returns in emerging markets. The case of Central European marketsen
dc.typeArtículo / Artikuluaes
dc.typeinfo:eu-repo/semantics/articleen
dc.contributor.departmentUniversidad Pública de Navarra. Departamento de Gestión de Empresases_ES
dc.contributor.departmentNafarroako Unibertsitate Publikoa. Enpresen Kudeaketa Sailaeu
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen
dc.embargo.terms2017-02-01es_ES
dc.identifier.doi10.1080/00128775.2015.1079139
dc.relation.projectIDinfo:eu-repo/grantAgreement/ES/6PN/ECO2012-35946en
dc.relation.publisherversionhttps://dx.doi.org/10.1080/00128775.2015.1079139
dc.type.versionVersión aceptada / Onetsi den bertsioaes
dc.type.versioninfo:eu-repo/semantics/acceptedVersionen


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record