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Investor Sentiment and Investment Behavior in the Chinese Mutual Fund Market

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  • Jen-Sin Lee
  • Pi-Hsia Yen
  • Kam C. Chan

Abstract

This article studies investor sentiment and its relation to the investment behavior of mutual fund investors in China. Using a panel threshold model, we found that investment behavior varies across investor sentiments, especially in a volatile as opposed to a stable period. The study demonstrates that mutual fund investors (1) prefer to purchase mutual fund units when mutual funds have gains during a volatile period; (2) prefer to redeem mutual funds units when the funds have gains during a stable period; (3) prefer to purchase mutual funds units when the funds have losses during a stable period; and (4) prefer to redeem mutual funds units when the funds have losses during a stable period.

Suggested Citation

  • Jen-Sin Lee & Pi-Hsia Yen & Kam C. Chan, 2014. "Investor Sentiment and Investment Behavior in the Chinese Mutual Fund Market," Chinese Economy, Taylor & Francis Journals, vol. 47(1), pages 38-52, January.
    • Handle: RePEc:mes:chinec:v:47:y:2014:i:1:p:38-52
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    Cited by:

    1. Lan, Yueqin & Huang, Yong & Yan, Chao, 2021. "Investor sentiment and stock price: Empirical evidence from Chinese SEOs," Economic Modelling, Elsevier, vol. 94(C), pages 703-714.

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