Investor Sentiment, Accounting Quality and Stock Returns

Abstract

Abstract:

In this paper, we investigate the relationship between investor sentiment and stock returns, and the influence of accounting information quality on the relationship. The results show that the investor sentiment is positively associated with the stock returns, and the high accounting quality can significantly reduce the influence of investor sentiment on stock returns. The relationship is still robust considering the endogenous problem. In addition, we find that the more analysts follow, the more obvious reducing effect is. From the perspective of information issue and information intermediary, this paper provides a reference path for mitigating investor sentiment and reducing its effect on stock returns.

Key words: investor sentiment, accounting quality, stock returns, analyst following

Liu Bin, Hu Jingxin, Li Tao. Investor Sentiment, Accounting Quality and Stock Returns[J]. , 2018, 30(7): 34-44.

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