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Stock Market Indices and Sentiment Indicators: Correlations and Causality

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  • Jordan Jordanov
  • Marco Valentini

Abstract

This paper focuses on the possible causal relationships between the stock market indices and a set of sentiment indicators in seven European Union countries. The results are not univocal. In some countries, the local stock index seems to behave as a leading indicator with reference to most sentiment indicators, while in others the causal nexus seems to be reversed.

Suggested Citation

  • Jordan Jordanov & Marco Valentini, 2013. "Stock Market Indices and Sentiment Indicators: Correlations and Causality," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-24.
    • Handle: RePEc:bas:econst:y:2013:i:3:p:3-24
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    References listed on IDEAS

    as
    1. Schein, Edgar H., 1988. "Organizational culture," Working papers 2088-88., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Young, David W., 2000. "The six levers for managing organizational culture," Business Horizons, Elsevier, vol. 43(5), pages 19-28.
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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