Corredor Casado, María PilarFerrer Zubiate, ElenaSantamaría Aquilué, Rafael2015-10-272016-07-0120131059-056010.1016/j.iref.2013.02.001https://academica-e.unavarra.es/handle/2454/18656This paper analyzes the investor sentiment effect in four key European stock markets: France, Germany, Spain and the UK. The findings show that sentiment has a significant influence on returns, varying in intensity across markets. The variation appears to involve both stock characteristics and cross-country cultural or institutional differences. The results also show sensitivity to the choice of sentiment proxy.application/pdfeng© 2013 Elsevier Inc. The manuscript version is made available under the CC BY-NC-ND 4.0 license.SentimentStock marketStock characteristicsCountry-specific factorsEuropean stock marketsinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccess