National pride, investor sentiment, and stock markets

Menachem Meni Abudy, Yevgeny Mugerman, Efrat Shust

نتاج البحث: نشر في مجلةمقالةمراجعة النظراء


This paper investigates the stock market reaction to an uplift in investor mood anticipating a country's independence day celebration. A cross-country analysis reveals a positive abnormal return on the trading day immediately prior to the country's independence day. This finding is robust to various event-study methods and to various benchmarks. This positive return is subsequently reversed. Further, we find a relation between the abnormal return of a country on its independence day and measures of national pride and social culture. Focusing on the United States, we find a decrease in economic uncertainty measures on its independence day. Overall, our evidence suggests that national pride leads to investor sentiment in capital markets.

اللغة الأصليةالإنجليزيّة
رقم المقال101879
دوريةJournal of International Financial Markets, Institutions and Money
مستوى الصوت89
المعرِّفات الرقمية للأشياء
حالة النشرنُشِر - ديسمبر 2023

ملاحظة ببليوغرافية

Publisher Copyright:
© 2023 Elsevier B.V.


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