Are day traders bias free?-evidence from internet stock message boards

被引：3

作者：

Zhang Y. ^{[1
]}

Swanson P.E. ^{[2
]}

机构：

[1] Department of Economics and Finance, Monmouth University, West Long Branch

[2] Department of Finance and Real Estate, University of Texas at Arlington, Arlington, TX 76019

来源：

Journal of Economics and Finance | 2010年 / 34卷 / 1期

关键词：

Day traders; Internet stock message boards; Retail investor sentiment; Sentiment bias; Text classifiers;

D O I：

10.1007/s12197-008-9063-1

中图分类号：

学科分类号：

摘要：

This study addresses the issue whether day traders' recommendations on stocks are biasfree. We test whether on average day traders' "Hold" sentiment is skewed and different from a neutral opinion. Posted messages and mature text classifier technology provide a novel approach to analyze the content of these "Hold" sentiment postings among day traders. Findings indicate that the self-disclosed "Hold" sentiment conveys an optimistic opinion and significantly differs from neutral. These results help both investors and researchers to better understand day traders' psychology and behaviors when they recommend stocks. The paper also provides insight into the construction of future online sentiment indexes based on stock message boards. © Springer Science + Business Media, LLC 2008.

引用

页码：96 / 112

页数：16

共 43 条

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