Ferrer Zubiate, Elena

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https://academica-e.unavarra.es/handle/2454/49029

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Ferrer Zubiate

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Elena

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0002-1761-9120

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88766

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810096

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Subject: Behavioural finance ×

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Now showing 1 - 2 of 2
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    PublicationOpen Access
    Consumer confidence indices and stock markets' meltdowns
    (Routledge, 2016) Ferrer Zubiate, Elena; Salaber, Julie; Zalewska, Anna; Gestión de Empresas; Enpresen Kudeaketa
    Consumer confidence indices (CCIs) are a closely monitored barometer of countries' economic health, and an informative forecasting tool. Using European and US data, we provide a case study of the two recent stock market meltdowns (the post-dotcom bubble correction of 2000-2002 and the 2007-2009 decline at the beginning of the financial crisis) to contribute to the discussion on their appropriateness as proxies for stock markets' investor sentiment. Investor sentiment should positively covary with stock market movements (DeLong et al., 1990), however, we find that the CCI-stock market relationship is not universally positive. We also do not find support for the information effect documented in previous literature, but identify a more subtle relationship between consumer expectations about future household finances and stock market fluctuations.
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    PublicationOpen Access
    Analysts herding: when does sentiment matter?
    (Routledge, 2018) Blasco de las Heras, Natividad; Corredor Casado, María Pilar; Ferrer Zubiate, Elena; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    Herding among analysts emerges when analysts give priority to their peers’ opinions instead of their own beliefs or information. Some circumstances may enhance or restrain this type of behaviour. We postulate that market sentiment is one of them. This article analyses the effect that investor sentiment may have on analysts’ herding behaviour in the U.K. Our results suggest that ‘easy situations’ such as analysing easy-to-value securities and releasing optimistic information at times of high market sentiment clearly reduce herding practices, whereas herding clearly increases in difficult situations when analysts have to release negative information at moments of high investor sentiment.