TY - JOUR
T1 - Reprint of
T2 - Stock salience and the asymmetric market effect of consumer sentiment news
AU - Akhtar, Shumi
AU - Faff, Robert
AU - Oliver, Barry
AU - Subrahmanyam, Avanidhar
PY - 2013/11
Y1 - 2013/11
N2 - We document asymmetric announcement effects of consumer sentiment news on United States stock and stock futures markets. While a negative market effect occurs upon the release of bad sentiment news, there is no market reaction for the counterpart good news. This supports the "negativity effect" hypothesis. Notably, this effect seems most likely to occur in salient stocks, which is consistent with the availability heuristic.
AB - We document asymmetric announcement effects of consumer sentiment news on United States stock and stock futures markets. While a negative market effect occurs upon the release of bad sentiment news, there is no market reaction for the counterpart good news. This supports the "negativity effect" hypothesis. Notably, this effect seems most likely to occur in salient stocks, which is consistent with the availability heuristic.
KW - Market efficiency
KW - Sentiment
KW - Stock market returns
UR - http://www.scopus.com/inward/record.url?scp=84884139225&partnerID=8YFLogxK
U2 - 10.1016/j.jbankfin.2013.07.032
DO - 10.1016/j.jbankfin.2013.07.032
M3 - Article
SN - 0378-4266
VL - 37
SP - 4488
EP - 4500
JO - Journal of Banking and Finance
JF - Journal of Banking and Finance
IS - 11
ER -