Utilizing data from 367 Japanese companies from 2005 to 2019, this paper investigates the relationship between investor sentiment, corporate social performance (CSP), and financial performance (FP). The empirical results obtained from the panel fixed effects and instrumental variable regressions...

Mutual fund investors evaluate fund managers' skills before making investment decisions. Previous studies worldwide examined the rationale behind retail investors' investment decisions and found that investors reward performance by net fund flow. A Japanese study found that investors respond to...

We find evidence that is consistent with the hypothesis that daily mutual fund flows may be instruments for investor sentiment about the stock market. We use this finding to construct a new index of investor sentiment, and validate this index using data from both the United States and Japan. In...