Edmans, Alex; Fernandez-Perez, Adrian; Garel, Alexandre; … - 2021
-specify certain mood-affecting events nor assume the extent of their impact on investors. We validate our music-based sentiment … find that music sentiment is positively correlated with same-week equity market returns and negatively correlated with next … when trading restrictions limit arbitrage. Music sentiment also predicts increases in net mutual fund flows, and absolute …