A model of investor sentiment1We are grateful to the NSF for financial support, and to Oliver Blanchard, Alon Brav, John Campbell (a referee), John Cochrane, Edward Glaeser, J.B. Heaton, Danny Kahneman, David Laibson, Owen Lamont, Drazen Prelec, Jay Ritter (a referee), Ken Singleton, Dick Thaler, an anonymous referee, and the editor, Bill Schwert, for comments.1

1998/09/01 by Nicholas Barberis, Andrei Shleifer, Robert W. Vishny +1 · 4 citations
Economics, Econometrics and Finance · Psychology · #Credit Risk and Financial Regulations #Economic, financial, and policy analysis #Economics #Financial Markets and Investment Strategies #Financial economics #Mathematical economics #Psychology

paper · doi:10.1016/s0304-405x(98)00027-0

crossref issued 1998/09/01 · crossref published 1998/09/01 · crossref published-print 1998/09/01 · openalex publication_date 1998/09/01 · crossref created 2002/07/25 · crossref deposited 2020/02/04 · openalex created_date 2025/10/10 · crossref indexed 2026/08/05 · openalex updated_date 2026/08/06

Citations

• Fads, Martingales, and Market Efficiency
• Permanent and Temporary Components of Stock Prices
• Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?
• Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
• Does the Stock Market Overreact?
• Mean reversion in stock prices
• Judgment under Uncertainty: Heuristics and Biases

Cited by

• Stock market volatility, excess returns, and the role of investor sentiment
• The Winner Takes It All: Investor Sentiment and the Eurovision Song Contest
• Animal spirits in financial economics: A review of deviations from economic rationality
• Behavioral economics [wikipedia]