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Googling Investor Sentiment around the World

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  • Gao, Zhenyu
  • Ren, Haohan
  • Zhang, Bohui

Abstract

We study how investor sentiment affects stock prices around the world. Relying on households’ Google search behavior, we construct a weekly measure of sentiment for 38 countries during 2004–2014. We validate the sentiment index in tests using sports outcomes and show that the sentiment measure is a contrarian predictor of country-level market returns. Furthermore, we document an important role of global sentiment in stock markets.

Suggested Citation

  • Gao, Zhenyu & Ren, Haohan & Zhang, Bohui, 2020. "Googling Investor Sentiment around the World," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 55(2), pages 549-580, March.
    • Handle: RePEc:cup:jfinqa:v:55:y:2020:i:2:p:549-580_6
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