如果全球或本地投资者情绪倾向于对股票回报产生影响，是否存在行业效应？
If Global or Local Investor Sentiments are Prone to Developing an Impact on Stock Returns, is there an Industry Effect?
摘要：
本文研究了全球或本地投资者情绪对股票收益率的异质性影响。我们通过6个（所谓的）新兴国家的镜头研究了10个行业：中国，巴西，印度，墨西哥，印度尼西亚和土耳其，在2000年至2014年期间。本文采用面板数据框架，研究了地方投资者情绪对基础材料、消费品、工业和金融行业预期收益的显著影响。此外，我们的研究结果表明，仅从全球投资者情绪，人们不能预测这些市场的预期股票收益率。
英文摘要：
This paper investigates the heterogeneous impacts of either Global or Local Investor Sentiments on stock returns. We study 10 industry sectors through the lens of 6 (so called) emerging countries: China, Brazil, India, Mexico, Indonesia and Turkey, over the 2000 to 2014 period. Using a panel data framework, our study sheds light on a significant effect of Local Investor Sentiments on expected returns for basic materials, consumer goods, industrial, and financial industries. Moreover, our results suggest that from Global Investor Sentiments alone, one cannot predict expected stock returns in these markets.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
