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Aggregate Investment and Investor Sentiment

Using bottom-up information from corporate financial statements, we examine the relation between aggregate investment, future equity returns, and investor sentiment. Consistent with the business cycle literature, corporate investments peak during periods of positive sentiment, yet these periods are followed by lower equity returns. This pattern exists in most developed countries and survives controls for discount rates, equity flows, valuation multiples, operating accruals, and other investor sentiment measures. Higher aggregate investments also precede greater earnings disappointments, lower short-window earnings announcement returns, and lower macroeconomic growth. We conclude aggregate corporate investment is an alternative, and possibly sharper, measure of market-wide investor sentiment..Printed Journal

Ketersediaan

Call NumberLocationAvailable
RFS2711PSB lt.dasar - Pascasarjana1
Penerbit Oxford Oxford University Press.,
Edisi -
Subjek Financial accounting
Market efficiency
Corporate investment
Investor sentiment
ISBN/ISSN 8939454
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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