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Relative Sentiment and Stock Returns


Roger M. Edelen


University of California, Davis - Graduate School of Management

Alan J. Marcus


Boston College - Department of Finance

Hassan Tehranian


Boston College - Department of Finance
August 11, 2010

Financial Analysts Journal, Vol. 66, No. 4, pp. 20-32, 2010

Abstract:     
The sentiment of retail investors relative to that of institutional investors was measured by comparing their respective portfolio allocations to equity versus cash and fixed-income securities. The results suggest that fluctuations in retail sentiment are a primary driver of equity valuations for reasons unrelated to fundamentals.

Keywords: Portfolio Management, Asset Allocation, Equity Portfolio Management Strategies, Equity Investments, Equity Market Valuation and Return Analysis

Accepted Paper Series


Date posted: August 11, 2010  

Suggested Citation

Edelen, Roger M., Marcus, Alan J. and Tehranian, Hassan , Relative Sentiment and Stock Returns (August 11, 2010). Financial Analysts Journal, Vol. 66, No. 4, pp. 20-32, 2010. Available at SSRN: http://ssrn.com/abstract=1656962

Contact Information

Roger M. Edelen (Contact Author)
University of California, Davis - Graduate School of Management ( email )
One Shields Avenue
Davis, CA 95616
United States
Alan J. Marcus
Boston College - Department of Finance ( email )
Fulton Hall
Chestnut Hill, MA 02467
United States
617-552-2767 (Phone)
617-552-0431 (Fax)
Hassan Tehranian
Boston College - Department of Finance ( email )
Carroll School of Management
140 Commonwealth Avenue
Chestnut Hill, MA 02467-3808
United States
617-552-3944 (Phone)
617-552-0431 (Fax)
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