How Much Does Investor Sentiment Really Matter for Equity Issuance Activity?
研究投资者情绪对总体股权发行活动的影响，发现控制准确的经济基本面后，情绪的解释力很小，仅额外解释约10%的时间序列变化。
Abstract We study the extent to which investor sentiment matters for aggregate equity issuance activity. We focus on firms that are susceptible to investor sentiment and for which accurate measures of economic fundamentals are available. While sentiment on its own matters for equity issuance, it matters relatively little once we control for accurately measured fundamentals. Collectively, proxies for sentiment explain roughly 10 percentage points of the time‐series variation of equity issuance beyond the roughly 40% explained by fundamentals. We conclude that investor sentiment does not seem to matter very much for aggregate equity issuance activity.