National pride, investor sentiment, and stock markets

Menachem Meni Abudy, Yevgeny Mugerman, Efrat Shust

פרסום מחקרי: פרסום בכתב עתמאמרביקורת עמיתים


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.

שפה מקוריתאנגלית
מספר המאמר101879
כתב עתJournal of International Financial Markets, Institutions and Money
מזהי עצם דיגיטלי (DOIs)
סטטוס פרסוםפורסם - דצמ׳ 2023

הערה ביבליוגרפית

Publisher Copyright:
© 2023 Elsevier B.V.

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להלן מוצגים תחומי המחקר של הפרסום 'National pride, investor sentiment, and stock markets'. יחד הם יוצרים טביעת אצבע ייחודית.

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