Consumer Confidence and Stock Returns

Fisher, Kenneth L.; Statman, Meir

doi:10.3905/jpm.2003.319925

Cited by 309 publications

(198 citation statements)

References 2 publications

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“…The differential results between spillover effects of the ICS and mood to tourism demand are consistent with the findings of Fisher and Statman (2003) who report an inverse relationship between consumer sentiment and stock returns. On the other hand, establishing a net spillover effect (pre-GFC period) from the EPU index and mood to tourism demand does suggest an empirical relationship between economic policy uncertainty and stock market performance (Gregory & Rangel, 2012).…”

Section: Further Discussion Of Resultssupporting

confidence: 80%

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Sentiment, mood and outbound tourism demand

Dragouni

Filis

Gavriilidis

et al. 2016

Annals of Tourism Research

120

110

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We investigate spillover effects from sentiment and mood shocks on US outbound tourism demand from 1996 until 2013. We use the Index of Consumer Sentiment and Economic Policy Uncertainty Index as proxies for sentiment and the S&P500 as a proxy for mood. We find a moderate to high interrelationship among sentiment, mood and outbound tourism demand. More importantly, sentiment and mood indicators are net transmitters of spillover shocks to outbound tourism demand. The magnitude of spillover effects sourced by sentiment and mood is time-varying and depends on certain socio-economic and environmental events. Our results have important implications for policymakers and travel agents in their efforts to predict tourism arrivals from key origin countries and to plan their tourism strategy.

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Section: Further Discussion Of Resultssupporting

confidence: 80%

“…A relationship between sentiment and stock prices has been observed in the studies of Otoo (1999) and Jansen and Nahuis (2003), where rising stock prices cause increases in consumer sentiment and vice versa. On the other hand, Fisher and Statman (2003) observe that high consumer sentiment is associated with low stock returns.…”

Section: Mood and Tourism Demandmentioning

confidence: 93%

Sentiment, mood and outbound tourism demand

Dragouni

Filis

Gavriilidis

et al. 2016

Annals of Tourism Research

120

110

View full text Add to dashboard Cite

show abstract

“…Fisher and Statman [15] find that consumer confidence impacts individual investors' sentiment, but not institutional investors' sentiment. They also find that consumer confidence will rise significantly when stock returns (using many different indices) are high, and that consumer confidence may have some predictive power for returns.…”

Section: Literature Reviewmentioning

confidence: 99%

Forecasting Returns with Fundamentals-Removed Investor Sentiment

Stivers¹

2015

IJFS

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“…There are a negative relationship between the CC and future stock return. In addition, there is appositive and statistically significant correlation between changes in CC and the contemporaneous stock returns, high stock return boost the CC (Fisher & Statman, 2003).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Prior research find also that CC measure have a predictive ability with respect to stock market returns (e.g., (Fisher & Statman, 2003;Brown & Cliff, 2005) and even more pronouncedly for firms that are hard to price and thus difficult to arbitrage (e.g. Baker & Wurgler, 2006;Lemmon & Portniaguina, 2006).…”

Section: Literature Reviewmentioning

confidence: 99%

The Role of Demographic and Psychological Differences in Future Financial and Economic Expectations

Qadan¹,

Ben‐Zion²

2014

IJEF

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In this study, agents are asked to assess the movements of short and long-term economic and financial variables. These variables include the price level of goods and services, real economic and financial variables. Differently from prior research, this paper investigates short and long run expectations, and tests the influence of racial composition of population on future price expectations. We analyze the agent expectations from further aspects such as age, marital status, working, psychological mood, income and wealth. The findings indicate that expectations are different between demographic groups. Particularly, females tend to expect higher changes almost in the entire tested variables; ethnic minorities systematically report higher expectations; marital status has no impact on future expectations; and working agents tend to be more conservative regarding future changes. In addition, pessimistic agents generally tend to report higher future price movements mainly for gold, interest rates, unemployment and inflation rates.

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Consumer Confidence and Stock Returns

Cited by 309 publications

References 2 publications

Sentiment, mood and outbound tourism demand

Sentiment, mood and outbound tourism demand

Forecasting Returns with Fundamentals-Removed Investor Sentiment

The Role of Demographic and Psychological Differences in Future Financial and Economic Expectations

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