Are Happy Investors Likely to Be Overconfident?
This study investigates the relationship of investors' happy sentiment and overconfidence effect. Sunshine, temperature, former returns, and margin loan change rate are used as proxies for happy sentiment. Using data from Taiwan Stock Exchange and principal component analysis, the happy sentiment index is divided into two categories: "natural environment happiness" and "investment atmosphere happiness." The results suggest that when natural environment happiness is stronger, investors are less likely to have overconfidence. On the contrary, when investment atmosphere happiness is stronger, investors are more likely to have overconfidence.
Volume (Year): 44 (2008)
Issue (Month): 4 (July)
|Contact details of provider:|| Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024 |
When requesting a correction, please mention this item's handle: RePEc:mes:emfitr:v:44:y:2008:i:4:p:33-39. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen)The email address of this maintainer does not seem to be valid anymore. Please ask Chris Nguyen to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.