Googling Investor Sentiment around the World
利用38个国家2004-2014年的谷歌搜索数据构建周度投资者情绪指数，发现该指数能反向预测国家层面的市场回报，且全球情绪对股市有重要影响。
We study how investor sentiment affects stock prices around the world. Relying on households’ Google search behavior, we construct a weekly measure of sentiment for 38 countries during 2004–2014. We validate the sentiment index in tests using sports outcomes and show that the sentiment measure is a contrarian predictor of country-level market returns. Furthermore, we document an important role of global sentiment in stock markets.