Kling, Gerhard; Gao, Lei - In: Journal of International Financial Markets, … 18 (2008) 4, pp. 374-387
We use daily survey data on Chinese institutional investors' forecasts to measure investors' sentiment. Our empirical model uncovers that share prices and investor sentiment do not have a long-run relation; however, in the short-run, the mood of investors follows a positive-feedback process....