Investigating the effect of investor sentiment on the expected earnings growth rate

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Bahar moghaddam M.; Pourhidari Omid; JOKAR HOSSEIN

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2019 | Volume:12 | Issue:42 Page(s): 17-33

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Title

Investigating the effect of investor sentiment on the expected earnings growth rate

Author(s)

Bahar moghaddam M. | Pourhidari Omid | JOKAR HOSSEIN | Issue Writer Certificate

Keywords

investor sentimentQ1

expected earnings growth rateQ1

accounting informationQ1

stock pricQ2

Abstract

Several studies have examined the investor sentiment in the behavioral finance. But, most prior studies solely document the phenomenon that investor sentiment could affect stock price combined with accounting information and indicate the heterogeneity of the sentiment effect. However, the existing literature rarely provides a theoretical basis for the mechanism behind the effect of sentiment and the accounting information. Therefore, this paper the through theoretical basis effect of investor sentiment on the expected earnings growth rate analyzes the mechanism behind the effects of investor sentiment and accounting information on stock price based on the residual income valuation model. In order to reach this goal, the study has been carried out on a sample of 560 companies, during the 2009-2016 reporting period based on the Multivariate regression. The results show that higher sentiment leads to more optimistic expectations regarding future earnings growth and these optimistic expectations leads that investor sentiment changed the expected earnings growth rate, thus affecting the accounting information and stock price.

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APA: Copy

Bahar moghaddam, M., Pourhidari, Omid, & JOKAR, HOSSEIN. (2019). Investigating the effect of investor sentiment on the expected earnings growth rate. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 12(42 ), 17-33. SID. https://sid.ir/paper/200062/en

Vancouver: Copy

Bahar moghaddam M., Pourhidari Omid, JOKAR HOSSEIN. Investigating the effect of investor sentiment on the expected earnings growth rate. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2019;12(42 ):17-33. Available from: https://sid.ir/paper/200062/en

IEEE: Copy

M. Bahar moghaddam, Omid Pourhidari, and HOSSEIN JOKAR, “Investigating the effect of investor sentiment on the expected earnings growth rate,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 12, no. 42 , pp. 17–33, 2019, [Online]. Available: https://sid.ir/paper/200062/en

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