Title: INVESTOR SENTIMENT, MANAGERIAL OVERCONFIDENCE, AND
CORPORATE INVESTMENT BEHAVIOR
Authors: You Haixia
Nanjing University of Aeronautics and Astronautics, China
MLA 8 Haixia, You. "INVESTOR SENTIMENT, MANAGERIAL OVERCONFIDENCE, AND CORPORATE INVESTMENT BEHAVIOR." Int. j. of Social Science and Economic Research, vol. 3, no. 3, Mar. 2018, pp. 858-868, ijsser.org/more2018.php?id=59. Accessed 2018.
APA Haixia, Y. (2018, March). INVESTOR SENTIMENT, MANAGERIAL OVERCONFIDENCE, AND CORPORATE INVESTMENT BEHAVIOR. Int. j. of Social Science and Economic Research, 3(3), 858-868. Retrieved from ijsser.org/more2018.php?id=59
Chicago Haixia, You. "INVESTOR SENTIMENT, MANAGERIAL OVERCONFIDENCE, AND CORPORATE INVESTMENT BEHAVIOR." Int. j. of Social Science and Economic Research 3, no. 3 (March 2018), 858-868. Accessed , 2018. ijsser.org/more2018.php?id=59.
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Abstract: In this paper, the nonferrous metals industry as an example, based on China's Shanghai and
Shenzhen A shares markets of listed companies in 2008 and 2015 data, we investigate the
influence of investor sentiment on corporate investment behavior from the perspective of
behavioral finance and the role the managerial overconfidence may play in. The empirical results
show that investor sentiment is positively related to the level of corporate investment, and also
positively correlated with managerial overconfidence. While the investor sentiment influences
corporate investment behavior, part of it is influenced by managerial overconfidence. This
provides us with a useful reference to the transmission mechanism of the stock market sentiment
from the micro perspective of the enterprise.
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